Hedge Funds Driving Up Greenwich Office Rents

Greenwich, Conn., a 30-minute train ride to Manhattan, has long been a swanky place for hedge funds to call home, and their demand for a Greenwich address is driving up office rents, according to the Stamford Advocate.Office rents in Greenwich are now as high as $80 to $90 a square foot, said Marshall Heaven, a local commercial real estate expert. That is three to four times the rent a business would pay in nearby towns of Stamford and Norwalk.

New prime office space was made available downtown with the departure of UST Inc. and Unilever, and hedge funds will likely move in the space, said Jay Hruska, executive vice president in the Stamford office of New York-based Cushman & Wakefield Inc. Unilever’s space just hit the market and already hedge funds are lining up, he said.

“Greenwich really is the hedge fund capital of the world, I believe,” Heaven said. 

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