Tudor, Adage Capital among hedge funds making bets on NYC office space

Vornado Realty Trust

14/08/2023 21:17

By David Randall
       NEW YORK, Aug 14 (Reuters) - Basswood Capital, Adage
Capital Partners and Paul Tudor Jones' Tudor Investment Corp
were among the hedge funds that took new positions in real
estate investment trusts that specialize in New York City office
space last quarter, despite questions over how long
work-from-home policies will weigh on the market, securities
filings released on Monday showed. 
    Basswood Capital purchased roughly 360,000 shares of Vornado
Realty Trust and nearly 72,000 shares of SL Green, while Adage
Capital Partners bought 205,000 shares of SL Green. Tudor
Investment Corp bought nearly 152,000 shares of SL Green. 
    Shares of Vornado are up nearly 7% for the year to date,
while shares of SL Green are up slightly less than 1%. 
    Overall, the New York City office market remained depressed
in the second quarter, with the total amount of leased space
down 25% from its five-year pre-pandemic average, brokerage data
provided to Reuters showed.
    Nationwide, nearly $12 billon of loans in U.S. commercial
mortgage-backed securities (CMBS) became newly delinquent in
July, pushing the late payment rate up by 34 basis points from
the month before to 3.93%, credit rating agency KBRA said in a
report.
    Basswood, Adage Capital, and Tudor Investment Corp did not
respond to requests for comment.
    The purchases were revealed in quarterly filings, known as
13-fs, that show a fund's long positions and may not reflect
current holdings. These filings are one of the few ways that
institutional investors reveal their positions.
    

 (Reporting by David Randall; Editing by Richard Chang)
 ((David.Randall@thomsonreuters.com; 646-223-6607; Reuters
Messaging: david.randall.thomsonreuters.com@reuters.net))