Basswood Capital, Adage Capital Partners and Paul Tudor Jones’s Tudor Investment Corp are among hedge funds that took new positions in New York City office real estate investment firms in the past quarter, despite questions on how long work-from-home policies will weigh on the market, documents released on Monday showed.
Basswood Capital purchased approximately 360,000 shares of Vornado Realty Trust and nearly 72,000 shares of SL Green, while Adage Capital Partners purchased 205,000 shares of SL Green. Tudor Investment Corp bought nearly 152,000 shares of SL Green.
Shares of Vornado are up nearly 7% year-to-date, while shares of SL Green are up just under 1%.
Overall, the New York City office market remained depressed in the second quarter, with total leased space down 25% from the five-year pre-pandemic average, according to data from brokers provided to Reuters.
Nationally, nearly $12 billion of loans in US Commercial Mortgage-Backed Securities (CMBS) were put in arrears in July, pushing the late payment rate up 34 basis points from compared to the previous month, at 3.93%, credit rating agency KBRA said in a report.
Basswood, Adage Capital and Tudor Investment Corp did not respond to requests for comment.
The purchases were revealed in quarterly statements, known as “13-f”, which indicate a fund’s long positions and may not reflect current positions. These statements are one of the few ways in which institutional investors reveal their positions.
2023-08-14 20:21:35
#Tudor #Adage #Capital #among #hedge #funds #betting #York #office #space
