Hedge Fund Elliott in Talks to Move NYC Offices to Park Avenue

Buildings in the Manhattan skyline in New York, U.S., on Thursday June 17, 2021. New York state's pandemic mandates were lifted last week, after 70% of the adult population has now been given at least one dose of a coronavirus vaccine.

(Bloomberg) -- Paul Singer’s Elliott Investment Management is nearing a deal to relocate its New York City offices to a spot on Park Avenue.

Elliott is in talks for roughly 150,000 square feet (13,935 square meters) of offices at 280 Park Ave., a spot that would make the firm closer to Grand Central Terminal, according to people familiar with the matter, who asked not to be named citing private matters.

The new space would help the firm consolidate its workforce on three floors next to each other, one of the people said. At its current spot at 40 W. 57th St., the firm was spread out among six floors that weren’t all connected.

Spokespeople for Elliott and SL Green Realty Corp., one of the property owners, declined to comment. Another landlord, Vornado Realty Trust, didn’t respond to a request for comment.

Singer’s hedge fund, which manages roughly $66 billion in assets, relocated its headquarters to Florida during the pandemic, a hot destination for its peers including Ken Griffin’s Citadel. Elliott maintained its midtown Manhattan space and also opened an office in Greenwich, Connecticut.

Finance firms with offices in New York City have been drawn to high-quality buildings near transit hubs such as Grand Central Terminal. Businesses such as JPMorgan Chase & Co. and Griffin’s Citadel have particularly gravitated toward Park Avenue, mapping out massive new skyscrapers in the area in recent years. Nearby, Manhattan’s Seagram Building signed more than 100,000 square feet of new leases and renewals last year.

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