Larry Summers’ Old Hedge Fund, D. E. Shaw, Doubles Space at 1166 Sixth
D. E. Shaw, the hedge fund known for its elaborate (and secretive) statistical trading formulas, is expanding its footprint at 1166 Sixth Avenue, where it currently leases floors four through six.
The fund will now move into floors seven through nine, which insurer Marsh & McLennan, a major landlord in the building, currently subleases from Edward J. Minskoff. Minskoff is also the landlord for D. E. Shaw’s prior office space. The transaction roughly doubles the hedge fund’s square footage in the building, which now amounts to 240,000, according to the New York Post.
The deal ignited speculation that D. E. Shaw’s offices at 120 West 45th Street might be consolidated into the Sixth Avenue tower.
D. E. Shaw, once run by Larry Summers, has recently been doing some reorganizing, announcing, for instance, a move into Dubai. Since the financial collapse, the Gulf region has again become a highly sought destination for private-equity firms and hedge funds forced to de-leverage and seek out quick liquidity.
Cushman & Wakefield’s Andrew Sachs and Timothy Gibson represented Marsh & McLennan.