When Cadogan Management LLC started looking for new space, CEO Stuart Leaf definitely didn't want to be near the so-called "Hedge Fund Row" that's sprung up around the Citicorp Center in midtown.
"The only place I dislike more than midtown Manhattan is downtown Manhattan, having worked in both," Mr. Leaf said. "I love New York, but I hate crowds. I wanted the new office to be in a place that offers more quiet, a place where you can think, where you can go to lunch not surrounded by 20,000 other people all in pinstripe." Also wanting access to interesting restaurants that don't require reservations months in advance, Mr. Leaf leaned toward Tribeca, Soho and NoHo, but transportation was a problem there, as it is at the current office on the Upper East Side.
Ultimately, Cadogan — which manages more than $1 billion for a largely institutional clientele — found space in the Flatiron District on lower Fifth Avenue, which, despite being a little more crowded than he likes, fulfills most of Mr. Leaf's criteria.