Alt Asset Fintech Growing

Note from the Pubisher:  This is a first.  We found an update on a fintech serving the alternative asset industry, but it talks about a new LARGE space they have rented in NYC.  Wait, why is this leasing story of interest to me, you ask?  Well, first because fintech covers ALL financial sectors, as we’ve often said.  Second, because this is a technology, back end servicing spinoff of the massive investment firm D.E. Shaw, and third, because it is a partnership with Blackstone Alternative Asset Management.  Fintech is alive and well in the trading and hedge fund sector as well, as evidenced by this massive new lease deal.  You can find clues to fintech sector growth in all kinds of unexpected places, like stories on new leases. 

“A spinoff of D.E. Shaw & Co. has signed its own deal at 1166 Avenue of the Americas—the home of its former parent company.

Arcesium, a technology firm specializing in financial services, has signed a 39,074-square-foot lease for the entire fourth floor, according to a press release from JLL, the landlord’s leasing agent.

Asking rent in the deal was $78 per square foot, according to a spokesman for the brokerage, who declined to disclose the length of the lease. CoStar Group indicates that it’s a 10-year deal, however, that runs through January 2027.    

D.E. Shaw & Co. leases a sizeable chunk of the 1.6-million-square-foot building with 195,000 square feet on the fifth through ninth floors. The hedge fund sponsor renewed that foothold in April for an undisclosed length, as Commercial Observer previously reported.

The firm announced with Blackstone Alternative Asset Management in March 2015 that it would launch Arcesium as an independent company. Arcesium would start with 300 employees with the plan to expand by 100, according to a press release at the time.”

Source: NYCFundSpaces