Fred Alger Management Returns to Fidi
Investment firm Fred Alger Management, a firm that lost 35 people at the World Trade Center attack on 9/11, is returning to the Financial District after close to two decades in Nomad.
The global investment manager signed a 50,040-square-foot lease for the top three floors at 100 Pearl Street, which is currently undergoing a gut renovation, the New York Post first reported. It plans to move into the new digs in late 2021.
Alger will occupy the full 27th floor, which spans 37,115 square feet, and a two-story glass-enclosed penthouse will be added to the property, with 7,425 square feet on the 28th floor and 5,500 square feet on the 29th floor. The penthouse floors will also have wrap-around terraces spanning 15,000 square feet.
The firm will be relocating from 360 Park Avenue South, where it moved after 9/11. Its offices were previously located on the 93rd floor of the World Trade Center’s North Tower.
“Coming back to Lower Manhattan is our triumphant return to the neighborhood we loved and where we built our business,” said Alger CEO Dan Chung in a prepared statement.
Handler Real Estate Organization’s Scott Galin and Darell Handler represented the tenant. The landlords, Northwind Group and GFP Real Estate, were represented by Ben Shapiro, Andrew Peretz, Dan Appel, and Travis Wilson of Newmark (NMRK) Knight Frank. Asking rents at the property were in the high $70s per square foot, according to information from Handler.
GFP and Northwind are investing $250 million to gut renovate the 360,000-square-foot property, in a process overseen by S9 Architecture.