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Courtesy of Cornell University

January 23, 2017

NYC Hedge Fund Buys Space in Cornell Tech Building

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Two Sigma Investments will be the first company to carve out a place in Cornell Tech campus’s The Bridge, a building set to open in September that is dedicated to joining Cornell’s academic research with tech companies.

The Collision Lab, where Two Sigma’s research and development engineers will work with startups and Cornell researchers to develop the company’s initiatives, will consume the space.

Two Sigma is a New York City hedge fund that uses computer systems to search and collect data, make predictions and execute automatic trades. It has over $37 billion in assets under management, according to its website.

“Two Sigma is dedicated to creating and using technology in groundbreaking new ways, and their Collision Lab is a perfect fit for the Bridge at Cornell Tech,” said MaryAnne Gilmartin, president and CEO of Forest City Ratner Companies. “The Bridge is designed to encourage the random interactions and deep collaborations that solve problems, build partnerships and accelerate new products to market.”

Chief Technology Officer of Two Sigma Alfred Spector said the firm’s goal is to “gain value from the world’s data, particularly in areas related to economics and finance.”

“We think that a connection between a firm like ourselves and really bright faculty and students at Cornell Tech allows us to recruit that talent and be near ideas,” Spector said.

Forest City Ratner Companies — The Bridge’s developers — also announced that they were “officially launching the building and accepting applications from technology companies interested in the recruitment of talent.” Cornell Tech will take up 39 percent of The Bridge, while remaining space will be dedicated to corporate use.

Around 15 to 18 organizations would fill the building and occupy spaces no more than 10,000-square feet, the size of Two Sigma’s space, according to Mary Ann Tighe, chief executive of CBRE Group Inc. and a member of the group leasing office space in the Bridge.

“Two Sigma is a terrific example of how technology can be applied to change the world and a fitting first tenant for the Bridge,” said Dan Huttenlocher, dean of Cornell Tech. “This is the centerpiece for what we are trying to do, which is build an environment where established companies, startups, government agencies, nonprofits and academia can work more closely together.”

The first phase of Cornell Tech scheduled to open this September includes The Bridge, The Bloomberg Center, which is the first academic building on campus, and The House, which is a residential building for graduate students, faculty and staff. It will also contain companies working alongside Cornell Tech graduates and faculty.

“This building, under a single roof, should not be just a breeder of talent but should launch a billion ideas,” Gilmartin said.

2 thoughts on “NYC Hedge Fund Buys Space in Cornell Tech Building

  1. “Buys space” or “rents space”? Is The Bridge a commercial condominium building where companies purchase units or is it a commercial office building where a company leases space? Developer Forest City describes Two Sigma as “tenant” at The Bridge, which means Two Sigma “leases” space, rather than “buys.” Please correct the headline and appropriately describe the relationship of the parties.

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