Fund manager takes 25,000 s/f on Madison.Trammell Crow Company announced that it has secured a nine-and-a-half-year sublease for 25,030 square feet at 590 Madison Avenue on behalf of The Galleon galleon, oceangoing warship used by the European naval powers in the 15th and 16th cent. A large, cumbersome vessel, the galleon was three-masted and square-rigged, usually with two decks, and with its main batteries in broadsides. Galleons were much used to transport treasure and other cargo from the Americas, particularly by Spanish and Portuguese traders. Group. Vice President Dirk Hrobsky of Trammell Crow Company represented Galleon's interests in the transaction. Rapid growth within the organization put a strain on operational efficiencies as back office operations were separated from Galleon's core business unit and were ultimately housed on a different floor at its current location at 135 E. 57th Street. "Understanding Galleon's need for critical adjacencies, we performed an exhaustive search for viable alternatives, weighing all factors including the residual value of each option's existing build-out, ceiling heights for trading areas, back-up electrical platform, and sufficient supplemental cooling systems," said Hrobsky. The thirteen-year-old hedge fund found exactly what they were looking for on the 34th floor of the IBM building--a state-of-the-art infrastructure, an efficient and flexible floor plate, and ample generator capacity--all at a rate significantly less than the current market. The 43-story building also features a glass-enclosed garden plaza and a 100-space parking garage. Other building tenants include IBM, Bank of America, Smith Barney and Nippon Express. Currently, asking rents on a direct basis are quoted at approximately $110 per square foot. The sub-landlord for the space, Ladenburg Thalmann, a New York-based diversified financial services firm, was represented by Cushman & Wakefield. Founded in 1993, The Galleon Group manages a series of funds that specialize in the technology and healthcare industries. Currently, The Galleon Group manages five different long/short equity Long/Short Equity A hedge fund strategy that involves buying certain stocks long and selling others short. There usually isn't a restriction on the country that the stocks trade in either.Notes: This type of hedge fund basically has free reign to buy or sell what it likes. A long/short equity hedge fund is usually considered to be higher risk. See also: Hedge, Hedge Fund, Long, Short funds: technology, healthcare, new media (internet), communications and life sciences.
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