Point72 Asset Management to Move New York Office to 55 Hudson Yards
Industry’s Premier Asset Management Firm to Relocate to Manhattan’s Newest Neighborhood
NEW YORK, NY – June 27, 2016 – Point72 Asset Management (Point72), a family office managing the assets of Steven A. Cohen, today announced it will move its New York 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 office tower on Manhattan’s West Side.
Doug Haynes, President of Point72, said, “With large, open, collaborative space, similar to our Stamford trading floor, we can foster better interaction among teams and create the kind of environment that employees and candidates would expect from the industry’s premier asset management firm. More importantly, by collaborating with world-class developers, we have the ability to build state of the art trading floors.”
Haynes added, “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.”
Jay Cross, President of Related Hudson Yards said, “We are proud to welcome Point72 to Hudson Yards. Together 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.”
Designing the ‘Workplace of the Future’
Currently, Point72 occupies 11 floors in two buildings a mile apart: 510 and 330 Madison Avenue. At 55 Hudson Yards, Point72 will occupy 175,000 square feet across six floors, which will increase its office space by 20 percent.
“Uniting the two locations is an opportunity for us to improve collaboration and work efficiencies. We want to encourage communication among employees and high levels of productivity,” said Gregory McGee, Global Head of Facilities.
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 designated Academy 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 added.
This commitment represents the third commercial tenant at 55 Hudson Yards, which is being developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group. The firm 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 Point72 in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represent the ownership group.
The anticipated LEED Gold, 51-story, 1.3 million gross square foot building was designed by acclaimed global architect A. Eugene Kohn of Kohn Pedersen Fox (KPF) and is expected to open in 2018. The design of 55 Hudson Yards is defined by its indoor-outdoor spaces, early modernism-inspired exterior design, and exceptionally efficient interior space planning. The building is advantageously positioned at the intersection of Hudson Yards, the High Line and Hudson Park & Boulevard. It is one of the few office buildings in the entire city that opens directly onto a park and sits adjacent to a No. 7 Subway station which connects to every other major subway line as well as Grand Central Station. Penn Station is also less than a ten-minute walk away. The exterior of 55 Hudson Yards was inspired by the revitalized High Line district and the manufactured cast iron exterior of SoHo commercial buildings. It offers its commercial office tenants floor-to-ceiling windows with skyline and river views. The interior planning of the building was conceived after extensive study of the space needs of professional service, financial, creative and technology firms.
At Hudson Yards, more than 8.5 million square feet of residential, commercial and retail space has been financed and under construction. 10 Hudson Yards – home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – opened last month. Sales for the 285 residences at 15 Hudson Yards and 137 residences at 35 Hudson Yards will launch this year. Fifty-Five Hudson Yards, also home to Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy LLP, will open in 2018. The one million square foot retail center and 6-acre public plaza will open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO and CNN.
Hudson Yards is the largest private real estate development in the nation’s history. The site itself will include 17 million square feet of commercial and residential space; more than 100 shops and restaurants, including New York City’s first Neiman Marcus and signature restaurants by Chefs Thomas Keller, José Andrés and Costas Spiliadis; approximately 4,000 residences; 14-acres of public open space; a new 750-seat public school and a 200-room Equinox® branded luxury hotel – all offering unparalleled amenities for residents, employees and guests.
Point72 Asset Management is a family office managing the assets of its founder, Steven A. Cohen, and eligible employees. Point72 primarily invests in discretionary long/short equities and makes significant quantitative and macro investments. The Firm’s long/short investment divisions are Point72 Asset Management and EverPoint Asset Management. Cubist Systematic Strategies is its quantitative business. The Firm is headquartered in Stamford, Connecticut, and maintains offices in New York, London, Hong Kong, Tokyo, and Singapore. Point72 Asset Management, L.P. is a family office and does not seek, solicit or accept any external investments: www.Point72.com
ABOUT RELATED COMPANIES:
Founded over 40 years ago, Related Companies is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, fund management, marketing and sales. The Company’s existing portfolio of real estate assets, valued at over $30 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai, and is well-known for having developed the 2.8 million square foot Time Warner Center in New York City and the 72-acre CityPlace in West Palm Beach as well as being a leader in green building. For more information, please visit www.related.com.
ABOUT OXFORD PROPERTIES GROUP:
Oxford Properties Group is a global platform for real estate investment, development and management, with approximately 2,000 employees and over $40 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company's portfolio includes approximately 56 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of OMERS. For more information, please visit www.oxfordproperties.com.
ABOUT MITSUI FUDOSAN AMERICA, INC.:
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York City and is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company. MFA’s history in the United States dates back to the early 1970’s. Since its inception, MFA has acquired and developed numerous office, multifamily and hospitality properties in major markets throughout the U.S. including: 1251 Avenue of the Americas in Midtown Manhattan; The Homer Building and 1200 17th Street in Washington D.C.; 270 Brannan Street in San Francisco and the renowned Halekulani Hotel in Waikiki, Hawaii. In addition to its significant portfolio of office buildings, MFA recently expanded its development platform, with several office and multifamily development projects launched in New York, San Francisco, and Washington D.C. For more information, please visit www.mfamerica.com.