When two firms manage more than $1.3 billion in combined assets, it's not that hard to play musical chairs in New York's commercial real estate game.
Morgan Stanley Investment Management's New York-based employees will soon have a new home — one that just became an old home to employees of JPMorgan Asset Management.
At the beginning of next year, MSIM and Morgan Stanley's private wealth management employees will relocate from 1221 Avenue of the Americas to new digs at 522 Fifth Ave., which, up until this summer, housed all of JPMorgan's New York-based money management staff.
In June, JPMorgan Asset Management moved its New York offices to new space at 245 Park Ave.
In a memo recently sent to MSIM employees, President and COO Owen Thomas wrote that "as a clear indication of the firm's commitment to the asset management business, Morgan Stanley has acquired new office space here in New York City. ... This centralized location will enable us to enhance our identity and sense of community."