T
he former Textile Building in Manhattan has secured a high-profile tenant, with Bridgewater Associates, the world's largest hedge fund firm, leasing 60,000 square feet of space. This marks the company's first office in Manhattan and its first outside of Connecticut. The lease was negotiated by teams from CBRE and JLL.

    The building's ownership group, comprising Tribeca Investment Group, PGIM Real Estate, and Meadow Partners, has been working to attract top tenants since acquiring the 17-story property for $375 million in 2019. A major renovation, completed last year, added amenities such as a ground-floor courtyard and hospitality spaces.

    Bridgewater's lease is significant, following the company's layoffs of 100 workers a year ago. The firm's new leader, Nir Bar Dea, is guiding the company forward after Ray Dalio stepped down. The Textile Building's renovation has already borne fruit, with law firm Quinn Emanuel Urquhart & Sullivan relocating to 132,000 square feet in the building last year.

    Manhattan office leasing activity remains strong, with the borough on track to surpass 30 million square feet for the first time in five years. In Midtown South, leasing volume jumped 45% month-over-month in August and 28% from last year, driven in part by Yeshiva University's lease of 160,000 square feet at JEMB's Herald Square building.