New Index To Track Hedge Fund-Friendly Buildings

May 27 2010 | 3:59am ET

Real estate services firm Jones Lang LaSalle has launched a hedge fund index, tracking not the hedge funds themselves but the office buildings they favor.

The new New York City Hedge Fund Index includes 21 Manhattan buildings that many hedge funds and other financial services firms call home. Among the indexed buildings are such trophy properties as the Seagram Building, Lever House and the IBM Building.

Two of the 21 buildings are full, while nine others offer space if a hedgie is willing to pony up at least $100 per square foot. The priciest among them is 9 West 57th Street, which could cost the gilded hedge fund $180 per square foot.

But for the cost-conscious hedge fund manager, perhaps wary of investor ire, some space is available for as little as $68 per square foot.

“There are still some deals available in trophy buildings,” Jones Lang’s Cynthia Wasserberger told Crain’s New York Business. “Tenants just have to be willing to forgo some of the amenities.”

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