NY Firm Expands Operations Into Hartford

Putnam represented the building owner, Northland Investment Corp. of Newton, MA. Craig Lemle, senior managing director of Studley of New York City, represented the tenant in the deal. The Goodwin Square property, counting the GlobeOp Financial lease, is now 93% occupied.

GlobeOp Financial Services began its operations in January 2000 in Harrison, NY and now has offices in New York City as well as in London, Mumbai, India and the Cayman Islands. The firm employs approximately 225 workers at its 27,000-sf headquarters building at 1 South St. in Harrison and 1,400 workers globally. The firm provides financial services and technological and operational solutions to hedge funds and financial services companies. The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers.

"We are pleased to open an expansion office in Hartford to accommodate our continued growth," says Hans Hufschmid, GlobeOp chairman and CEO. "We expect to be fully operational by the end of 2006 or early 2007, and look forward to tapping into the highly skilled work force in the area and further build our network of support for our clients."

C&W's Putnam says the deal is important to the Hartford market because it involves a new tenant that has operations in Westchester County, NY and New York City. He says the firm chose Hartford for its expansion effort because of its labor pool and lower operating costs.

Gov. M. Jodi Rell, who announced that GlobeOp would receive state incentives in connection with the deal, says, "The hedge fund industry is growing in Connecticut. While there is a large concentration of hedge fund companies in Fairfield County, today's announcement may signal the beginning of an expansion of this key industry into the Hartford region."

GlobeOp is expected to be the first company to take advantage of the state's Job Creation Tax Credit and Displaced Worker Tax Credit programs, two new economic development initiatives proposed and recently signed into law.