Well -known Wall Street firm is moving HQ from Manhattan to downtown St. Louis. Petersburg | Business Observer
ST. PETERSBURG – A New York -based investment firm with one of the most well -known financial names at its helm is relocating the corporate headquarters to downtown St. Petersburg.
ARK Investment Management will relocate its headquarters from E. 28th St. headquarters in Manhattan and at its new digs at 200 Central Nov. 1., according to a statement. 200 Central is a 28-story office building at 200 Central Ave.
The company did not say how many employees are making the move, but the gap will be conducive to increasing. In a statement announcing the move, the company said, “while a large number of employees have chosen to move and work in the office, ARK’s hybrid back-to-work model will use the technology to accommodate working with far away. “
A company spokesman did not respond to an email asking how many employees decided to move.
On its website, ARK describes itself as a type of innovation investing firm that causes disruptions and says “while traditional investors seek safety in benchmarks and passive approaches, ARK believes that This behavior is not significant. “
Cathie Wood, the company’s founder and CEO, said in the statement that “Ark is not a traditional Wall Street property management firm and we are breaking the mold by moving to St. Petersburg, a city investing in the science of technology, and innovation. “
Some in financial journalism have called Wood as one of the most successful investors, with Yahoo! Finance called him “a superstar in the world of finance.” According to Barron, in 2020 five of the firm’s seven exchange rates returned an average of 141%.
In addition to the new headquarters, ARK is committed to building a new incubator with the Tampa Bay Innovation Center to be built and owned by Pinellas County.
The ARK Innovation Center, to be called, will sit on 2.5 acres at 4th Street and 11th Avenue South. Construction on the 45,000-square-foot building will begin early next year and is scheduled for completion in July 2023. By 2026, officials said the center is expected to give Pinellas $ 28 million in economic impact through creating 1,265 jobs, according to the statement. .
The City of St. Petersburg donated the land. There are three openings of many different sizes at that intersection. The county’s ownership has a 2021 market value of $ 445,808 and an estimated value of $ 429,090.
ARK, according to the statement, will close its New York office Oct. 31.