Apollo Eyes Greenwich Office in Bid for Talent Outside NYC
(Bloomberg) -- Apollo Global Management Inc. is planning to open an outpost in Greenwich, Connecticut, as it looks to attract and retain talent outside New York City, according to a spokeswoman for the firm.
The private equity giant is in negotiations to lease space in the tony Fairfield County suburb, part of a broader strategy to add offices across the U.S. The firm told Bloomberg in April that it was weighing taking space in Miami, West Palm Beach and elsewhere in the U.S. Apollo has said it will maintain its headquarters in New York.
Joanna Rose, an Apollo spokeswoman, declined to comment on specifics of the Greenwich negotiations.
New York finance firms have been opening satellite offices outside the city as the pandemic emptied Manhattan skyscrapers and sent some wealthy residents fleeing for Florida and other locations with lower taxes.
Greenwich, long home to bankers and hedge fund titans, has been getting a boost as firms look to offer options to employees who don’t want to commute into Manhattan. The town’s residential real estate market has also been red hot, with the pandemic sending buyers looking for more space in the suburbs.
Over the last year, Apollo has been asking staff about where they prefer to be located as part of a strategy to rethink how to attract talent. The firm decided to test giving employees the option of working remotely two days a week through the end of the year, Bloomberg reported in March.
Large New York finance firms and banks including Citigroup Inc. considered opening satellite hubs in the suburbs outside New York City during the pandemic, but those searches have quieted down as more workers come back to Manhattan.
©2021 Bloomberg L.P.