Wednesday, 22 March 2017
Last updated 14 min ago
Apr 1 2011 | 12:06pm ET
SAC Capital Advisors may have a new home in Manhattan. The hedge fund giant is nearing a deal to take over four floors of a newly-constructed building at Madison Avenue and 53rd Street, a couple of blocks south of its current New York office.
The deal, in the works for some time but held up by SAC founder Steven Cohen's legal battle with his ex-wife, The New York Observer reports, could be signed within days. Patricia Cohen's lawsuit, accusing her ex-husband of perjury and insider-trading, was dismissed this week.
If it is, SAC will take up residence on the second through fifth floors of 510 Madison Avenue, some 66,000 square feet. The 30-story building currently has just one other tenant, hedge fund Senator Investment Group, which occupies the 28th floor.
It is unclear how much SAC would pay at 510 Madison; Senator pays in excess of $100 per square foot. But the Observer says the deal could win SAC naming rights for the glittering new glass building.
SAC is currently spread over several floors at 540 Madison Avenue.