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Rating:Will AB Follow BlackRock's HQ-Hunting Lead? Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 13, 2016

Will AB Follow BlackRock's HQ-Hunting Lead?

News summary by MFWire's editors

Peter Kraus and Larry Fink might be moving their teams to the same hood ... in the 2020s.

AB [profile] (AllianceBernstein) is searching for a new headquarters, Keiko Morris of the Wall Street Journal reports. Yet don't expect the publicly traded New York City-based mutual fund shop to leave Manhattan, and don't expect the move to happen any time soon.

Peter Kraus
"We are certainly looking for a dynamic new collaborative workspace for the future of the firm," AB spokesman Jonathan Freedman tells the WSJ.

AB's lease on its current, 600,000-square-foot headquarters at 1345 Sixth Avenue (between 54th and 55th streets in midtown Manhattan) doesn't end until 2024. The WSJ reports that AB CEO Kraus and his team are considering at least three options: 1271 Sixth Ave (just four blocks south of their current HQ), 4 Times Square (further south and west but still in the heart of midtown), and Hudson Yards (on the far West Side of Manhattan in the 30s).

If AB does end up moving to Hudson Yards, they won't be the only big asset manager there. Last week news broke that Fink and his team at BlackRock have signed a preliminary deal to move into 50 Hudson Yards in the fall of 2022. (BlackRock's current HQ is just a few blocks from AB's, split between multiple buildings on 52nd Street.)

The WSJ highlights AB as one of several "big financial-services firms [who are] looking to cut costs and anticipating policies of President-elect Trump ... being inspired by a sense that the financial-services sector will expand if Mr. Trump moves to cut corporate taxes and trim business regulation as he has said." 

Edited by: Neil Anderson, Managing Editor

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