Sean Ryanis associate editor of Real Estate New Jersey , fromwhich this article is excerpted.
Citco Fund Services is the largest hedge fund administrator inthe world. It administers more than 1,700 funds with over $300billion in assets. And its space at 350 Madison Ave. in MidtownManhattan was so cramped it had "people sitting on the ceilings,"says Jay Peller, managing director of the firm's Hedge FundServices Division. It was time to expand.
"So what did I do?" recalls Peller. "I picked a real estatebroker that's a one-person shop. I spent 14 months with a brokerwho showed me nothing, taught me nothing. I've been dealing withthis one—I don't want to use the word 'idiot,' but that is theproper word."Finally, I did get tired of the lack of progress, andI engaged with Ken Rapp and Ramsey Feher of CB Richard Ellis."
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