Hedge funds in Greenwich

We reported last week that at least one Antares tenant at 200 West Putnam Avenue was trying to sublease its 15,000 of new office space before it even moved in. Apparently that fund, Duff Capital Advisors, is not alone – it’s happening all over town. AQR Capital Management, is trying to dump 65,000 square feet right next door, at the old Chesebrough Ponds building on Benedict Place, also unfinished. A commercial broker quoted in Greenwich Time estimates that at least half of all Greenwich hedge funds will be trying to get out of their leases within the next six months.Trouble is, as I see it, if 70 -80% of our commercial office space is occupied by financial services firms that no longer can afford, don’t need or don’t want offices here, who will take their place? Maybe GM would like to leave Detroit and spread some of that stimulus money around here.

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