Friday, 5 February 2016
Last updated 55 min ago
Oct 19 2010 | 9:33am ET
In New York, one firm's demise means another's new digs. Asset management firm Forefront Advisory has signed a 25,030-square foot 'sub' sublease with the former Galleon Group for the entire thirty-fourth floor at 590 Madison Avenue, more than doubling the size of its New York headquarters.
The firm, which had been located 13 blocks south on Madison Ave., says the new space can will allow it to go forward with its growth plans, which include having 25 portfolio managers on board by year-end.
"This transaction enables Forefront to move into high-end, turnkey space that can accommodate the group’s current size, as well as its near and long-term growth,” shared David Dusek, senior managing director of international commercial real estate services firm Studley. “Of paramount importance to Forefront was the ability to capitalize on the existing infrastructure left behind by Galleon – saving our client millions of dollars in up-front capital costs.”
David Wasitowsk, a managing partner at Forefront, added, “We create communities of bright portfolio managers and a culture that promotes the sharing of ideas and research within a professional trading environment. We also provide risk management, technology, compliance and operational support. If we don’t have enough space, our community and culture becomes constrained. The new space offers the physical room to grow and better reflects our image to the marketplace and portfolio managers.”