Heads Up, Built-Out Spaces from Closed Hedge Funds May Yield Dividends for Growing Financial Firms

The VIX, which measures volatility in the stock market, is currently at historical lows. However, the turmoil in the hedge fund industry is increasingly high. As a result, some financial firms are downsizing or closing their doors. When the firms downsize, they assess their office operations and often seek to sublease some or all of their space. This presents other hedge funds, broker dealers, and money managers with an opportunity to save money by leasing new space when the sublets hit the market.

Financial firms with many traders and computers have extensive infrastructure needs such as: supplemental air conditioning, ample voice and data wiring, built-in trading desks, and high-end furniture and phones. Given these IT and HVAC requirements, their spaces often need costly build-outs to ensure smooth trading operations.

When the financial firms then sublease their space, the space is often pre built with an extensive infrastructure already in place. The new subtenant can gain the use of  expensive office features—at minimal cost—instead of having to build the space themselves.

Time is of the essence for the savvy financier to swoop in and scoop up one of the great deals described belowContact Wharton Properties today!

630 Fifth Avenue | 1,835 RSF | $86/SF
Sublease from MNG Ventures.
2 offices, open area, conference room, pantry, storage closet, IT closet.
Lease term through May 2021.

1345 Avenue of the Americas |11,839 RSF | $55/SF
Sublease from BBVA.
15 offices, open area, 2 large conference rooms, 2 medium-sized conference rooms, 2 call rooms, pantry, and reception area.
Lease term through May 2022.

135 West 50th Street | 6,670 RSF | $39/SF
Sublease from Executive Health Exams.
4 offices, large bullpen, conference room, break-out room, IT closet, copy room, pantry, and reception area.
Lease term through December 2019.

747 Third Avenue | 9,700 RSF | $40/SF
Sublease from Thomson Reuters.
2 offices, open area with seating for 73 people, conference room, 3 phone booths, pantry, and reception area.
Term through May 2021.

747 Third Avenue | 1,775 RSF mid-$60’s/SF
Sublease from ACF Investment Bank,
1 office, open area, conference room, IT closet, and reception area.
Term through August 2020.

845 Third Avenue | 1,930 RSF | $58/SF
Sublease from Gordon Companies.
3 offices, open area, conference room, and reception area.
Lease term through December 2018.

590 Madison Avenue | 25,499 RSF | $110/SF
Sublease from Pine River Capital Management.
5 executive offices, 11 offices, open trading area, 3 conference rooms, board room, private locker room, pantry, and reception area.
Lease term through May 2022.

140 East 45th Street | 5,862 RSF | $50/SF
Sublease from Tivo.
2 offices, open area with seating for 24 people, conference room, phone booth, meeting room, pantry, and reception area.
Term through July 2020.

420 Lexington Avenue | 2,802 RSF | $60/SF
Sublease from The Talent Mine, Inc.
4 offices, bullpen, conference room, server closet, coat storage/closet, pantry, and reception area.
Term through May 2023.

Contact Wharton Properties to learn about any of these listings.  

Ruth Colp-Haber
Partner, CRE
300 Park Avenue
12th floor
New York, NY 10022
(212) 759-0408

By | 2017-08-19T01:13:22+00:00 August 10th, 2017|NYC Office Space|Comments Off on Heads Up, Built-Out Spaces from Closed Hedge Funds May Yield Dividends for Growing Financial Firms