There are plenty of exotic indices out there but a new one from real estate services firm Jones Lang LaSalle deals with hedge funds, square footage, and office space.
The New York City Hedge Fund Index is comprised of 21 buildings in Manhattan where hedge funds have set up shop. It works by taking the price per square foot of the 21 buildings and computing a weighted average.FinAlternatives: The new New York City Hedge Fund Index includes 21 Manhattan buildings that many hedge funds and other financial services firms call home. Among the indexed buildings are such trophy properties as the Seagram Building, Lever House and the IBM Building.
Two of the 21 buildings are full, while nine others offer space if a hedgie is willing to pony up at least $100 per square foot. The priciest among them is 9 West 57th Street, which could cost the gilded hedge fund $180 per square foot.
But for the cost-conscious hedge fund manager, perhaps wary of investor ire, some space is available for as little as $68 per square foot.