Asset Mgmt. Firm Inks 55 Hudson Yards Deal

Related’s 55 Hudson Yards also will be home to a pair of law firms following earlier lease signings.

NEW YORK CITY—Point72 Asset Management, a family office managing the assets of Steven A. Cohen, has revealed plans to move its local headquarters to 55 Hudson Yards. The firm plans to lease more than 175,000 square feet across six floors in the new park-front boutique Midtown office tower on the Far West Side. Point72 has executed a letter of intent for the space and expects to finalize the terms of the lease by the end of the year. Neil Goldmacher of Newmark Grubb Knight Frank represented the tenant in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represent the ownership group. The occupier is the third tenant for the property, following a letter of intent signed by a law firm earlier this year , and after  another agreement was signed in 2015 ; also with a law firm. The lease marks a shift for Point72, which now occupies 11 floors in 510 and 330 Madison Ave., just a mile away from each other. Spread across six floors at Hudson Yards, the company will increase its office space by 20%. The building is being developed by Related Cos., Mitsui Fudosan America and Oxford Properties Group. “With large, open, collaborative space, similar to our Stamford trading floor, we can foster better interaction among teams and create the kind of environment which employees and candidates would expect from the industry’s premier asset management firm,” says Doug Haynes, president of Point72. “More importantly, by collaborating with world-class developers, we have the ability to build state of the art trading floors, he adds, noting the space also will help with recruiting and retention. “The modern, progressive space, with premier retail, cultural events, and urban green spaces, will help us to continue to attract and keep the top talent that is our most valuable asset.” Adds Jay Cross, president of Related Hudson Yards said, “Together with Point72 we will create at 21st century workplace with trading floors befitting one of the most innovative asset management firms in the world. Their new park-front headquarters will be steps away from a diverse collection of shopping, dining, fitness, and cultural amenities with direct access to the best transportation system on the New York region.” “Uniting the two locations is an opportunity for us to improve collaboration and work efficiencies,” explains Gregory McGee, global head of facilities at Point72. “We want to encourage communication among employees and high levels of productivity.” The space will have panoramic window views of the Hudson River and Hudson Park, a private outdoor terrace on the 10th floor with tables and benches, and a more modern, floor plan with column-free corners. It will also include space for corporate events and global Town Halls, a private interview suite and a training facility. “Point72 also plans to invest a lot of resources in thought-provoking visual technology – global screens, tickers, and new visual media – to provide investment professionals with access to first class technology,” McGee adds. The design of 55 Hudson Yards, a 51-story, 1.3-million-square-foot building, is said to be defined by its indoor-outdoor spaces, early modernism-inspired exterior design, and efficient interior space planning, which was conceived after the space needs of professional service, financial, creative and technology firms were studied. The building sits at the intersection of Hudson Yards, the High Line and Hudson Park & Boulevard.