Bridgewater Associates, the world’s largest hedge fund, is to open its first ever office in Manhattan after quietly signing a deal for 60,000 sq ft of space at 295 Fifth Avenue, according to a report by the New York Post.

The building, previously known as the Textile Building, spans the entire east block between West 30th and West 31st streets. Following a $350m redevelopment by owners Tribeca Investment Group (TIG), PGIM Real Estate, and Meadow Partners, the century-old property has been transformed into a modern office hub featuring a new two-storey penthouse, a ground-floor courtyard, terraces, and enhanced amenities designed to appeal to top-tier tenants.

The lease marks Bridgewater’s first expansion outside of Connecticut, where it recently scaled back its workforce by 100 positions. Despite maintaining its primary operations in Westport, the firm’s Manhattan outpost marks a broader strategic shift under CEO Nir Bar Dea, who succeeded founder Ray Dalio and has been working to modernise the firm’s culture.

The negotiations, initially reported by Bloomberg a few weeks ago, were not finalized until now. JLL represented Bridgewater in the deal, while CBRE acted on behalf of the landlord. None of the parties involved have commented on the transaction.