Elliott Management , Paul Singer‘s $41 billion hedge fund, is moving from New York to West Palm Beach Florida. The move has been prompted due to the Corona Virus pandemic.
The firm will also open an office in Greenwich, Connecticut.
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There were no plans to make a move out of the world’s financial capital before the Corona Virus hit. But New York City has been hit especially hard by the pandemic due to its nature as an international city.
This was the cause of a large outbreak there which has in turn forced the city to maintain a major shutdown.
But many businesses have fled New York over the years due to its high taxes, or in search of less expensive real estate. Florida has been a popular place to relocate to due to its weather nd lower tax rates.
Ben Friedland, a New York real estate broker who specializes in hedge funds and private equity firms, told the New York Times that such moves may have more to do with the age of a company’s leaders than anything relating to New York City.
“Historically there is a certain segment of the population who, after living in the northeast for the majority of their lives, decide to move south, whether to Florida or elsewhere,” said Mr. Friedland, a vice chairman of the New York office of CBRE, a commercial real estate brokerage. “So these moves might be correlated to life stage, as opposed to anything else.”
The Palm Beach Post reported that Elliot Management plans to temporarily lease space in the city’s Phillips Point office complex.
The paper also reported that the hedge fund will temprarily sublease 7,600 square feet of space belonging to the Arnold and Porter law firm at Phillips Point, a twin-tower office complex at 777 S. Flagler Drive, overlooking the Intracoastal Waterway.
Founded in 1977, Elliott Management Corporation is one of the oldest fund managers of its kind under continuous management.
As of July 1, 2020, Elliott manages approximately $41 billion in assets. The firm employs a staff of 466 people, including 161 investment professionals, in its New York headquarters and affiliated offices elsewhere in the United States, London, Hong Kong, and Tokyo.
