Once upon a time, not too long ago, hedge funds planted themselves in downtown Greenwich, Conn., to escape ever-rising rents in Manhattan. It now appears that the Nutmeg State city has gotten too expensive as well, and a growing number of funds are heading for the far edges of town. The Stamford Advocate reports that hedge fund AQR Capital Management is one of those firms that recently opened a big satellite office near the border of Port Chester, N.Y., at a per-square-foot price that is less than half of what downtown office space commands – if you can find it. David Hoffman of commercial realtor Colliers ABR told the Advocate, “The vacancy rate in downtown Greenwich is essentially zero. Thriving tenants like AQR have three options: stifle growth, move entirely or expand elsewhere. They couldn’t find available premises to grow in the immediate vicinity.” The question is, how many hedge funds will follow. The Advocate says AQR’s new digs were previously occupied by another unnamed hedge fund, and HF Sagamore Hill Capital recently moved out of the new ‘hood for nearby Westchester County, N.Y.
