Napier Park Global Capital is cutting another tie with former parent Citigroup.
The hedge fund, spun off last year as the bank moved to come into compliance with new U.S. regulations limiting alternative investments activities, will leave Citi’s New York headquarters this summer. Napier Park will head four blocks south, from 399 Park Avenue to 280 Park Avenue, where it has signed a 10-year lease for 25,000 square feet of space.
Napier Park’s neighbors in its new home include Blue Mountain Capital and Promontory Financial Group.
“The new space has been built out specifically to accommodate our needs as a growing business,” Napier Park chief operating officer Michael Williams said. “The combination of location, purpose-built space and attractive lease terms mark this a great move for Napier Park.”