Bridgewater Associates LP is considering a move from its idyllic headquarters in rural Fairfield County, Conn., to a spectacular seaside site.
The 80-acre site in the Harbor Point waterfront district in Stamford, Conn., currently is a “wasteland” after buildings on the site were demolished, according to a local source who asked not to be identified.
Bridgewater's move to the south end of Stamford next to the Long Island Sound would permit the company to concentrate its 1,200 employees at a single site, albeit one that will take intensive rehabbing to bring out its potential. The hedge fund manager's workforce now is scattered among five buildings in and around Westport, Conn.
Through a state economic development program, Bridgewater was offered up to $115 million in financial incentives and $80 million in tax credits to make the move, according to a news release from Connecticut Gov. Dannel P. Malloy.
Mr. Malloy said Bridgewater will spend $750 million to build the 750,000-square-foot facility, which would be completed by 2017, “subject to customary approvals and additional due diligence on the site,” according to the news release.
Parag Shah, a Bridgewater spokesman, declined to comment on the potential move.
However, Greg Jensen, co-CEO, said in Mr. Malloy's news release: “We look forward to transforming this industrial site into a spectacularly beautiful forested campus. ... The proposed campus will house all of our employees and be designed to facilitate creativity, collaboration and help reinforce Bridgewater's distinct culture.”
Bridgewater manages $130 billion, about $75 billion of which is invested in hedge funds.
This article originally appeared in the September 17, 2012 print issue as, "Bridgewater Associates mulls oceanfront campus".