Connecticut-based Bridgewater Associates, one of the world’s largest hedge fund managers, is expanding its office footprint with the opening of a new operation in New York. The firm is to lease space in Manhattan to complement its current HQ in Westport.

The report cites an unnamed source familiar with the matter as revealing that the Manhattan office, which will provide additional workspace for employees in the tristate area, is expected to be located in the Textile Building at 295 Fifth Avenue, a historic 700,000-square-foot property in Midtown South. The building, originally constructed about a century ago, has undergone significant redevelopment, including the addition of two new floors.

Despite this expansion, Bridgewater's headquarters and the majority of its staff will remain in Westport. The firm also has offices in Shanghai and Singapore.