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Hedge funds make bets on NYC office space

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Several hedge funds including Basswood Capital, Adage Capital Partners and Tudor Investment Corp placed bets on real estate investment trusts that specialise in New York City office space in Q2, despite continued uncertainty over the impact work-from-home policies on the market, according to a report by Reuters.

The report cites 13-F securities filings released on Monday as showing that Basswood Capital acquired roughly 360,000 shares of Vornado Realty Trust and nearly 72,000 shares of SL Green, while Adage Capital Partners bought 205,000 shares of SL Green. Tudor Investment Corp, meanwhile bought nearly 152,000 shares of SL Green.

Shares of Vornado are up nearly 7% for the year to date, while shares of SL Green are up slightly less than 1%.

According to brokerage data acquired by Reuters, the New York office market remained depressed in Q2, with the total amount of leased space down 25% from its five-year pre-pandemic average.

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