Saturday, July 10, 2010
Bridgewater, Town’s Largest Employer, Could Be Leaving
Westport’s largest employer, Bridgewater Associates, might be leaving town for Stamford, according to reports from Business Insider and Westfair Online.
With about 900 employees, the hedge fund operates out of sprawling headquarters at One Glendinning Place, as welll as other offices on Riverside Avenue and the Nyala Farms complex.
Its decision to move “could be the most significant in the commercial real estate market in the second half,” said Westfair, citing real estate brokers.
It would also have an effect on local tax revenues as Bridgewater pays $236,000 annually in personal property taxes, according to the Tax Assessor’s office.
Founded by Greenwich resident Ray Dalio, the company’s CEO, Bridgewater holds $75 billion in assets and was ranked the second-largest hedge fund in the world by Institutional Investor and the industry trade publication AR, according to Westfair.
The company has been in Westport since the early 1990s, moving here from Wilton where it had been since 1981 after relocating from New York City.
Comments: Comment Policy
I am sure the democrat tax and re-distribution of wealth loving voters can’t figure out the impact of this move to the city of Westport. Maybe we can get more stimulus federal aid to fill the gap or maybe a Westport bailout is our future.
According to the cited articles, they may be moving to consolidate operations in a single building (none available in Westport to house them in one location - how much resistance would there be to a new building that size here?) and/or to be closer to the NYC labor market. How is either of those relevant to an anti-democrat rant?
If you’re talking about the tax breaks Stamford has been doling out - which is corporate welfare that is anti-competitive to small businesses - those have had detractors on both sides of the political spectrum.
Note: WestportNow Publisher Gordon F. Joseloff is also First Selectman of Westport