So Bridgewater Associates is not moving to Stamford after all.
Westport’s biggest employer — a hedge fund that manages $120 billion in global investments — has decided that despite $115 million in tax incentives offered by Gov. Malloy, it will not move its 1,225 employees to a controversial site in Stamford.
(The controversy, in case you have not been paying attention to corporate welfare news, is 3-fold: the site in the South End would displace a large boatyard; it might have violated the state’s Coastal Management Act, and Gov. Malloy is the former [cough cough] mayor of Stamford.)
Bridgewater’s employees are spread among 2 sites here. Some work at Nyala Farms off I-95 Exit 18, but the majority are in the gorgeous Glendinning site on Weston Road. (That’s why you see upscale buses traveling up and down Roseville Road every morning and afternoon.)
That Glendinning office is truly a gem. Hidden from view (except on the Ford Road side), it’s serene and verdant. I can’t imagine a nicer hedge fund environment anywhere.
What will Bridgewater do now? Perhaps renovate the property. (Keeping in mind — we hope — the restrictions agreed upon when it was built more than 40 years ago, as a rare office complex in a residential neighborhood. Glendinning was a major marketer, when Westport was the marketing capital of the world.)
Perhaps add a “meditation area.” (Founder Ray Dalio does things other hedge fund owners don’t.)
Perhaps Bridgewater will keep looking for a new site.
Whatever they do, let’s hope they don’t ask for a $115 million subsidy from the state.
Or even $15.
That’s the kind of thing that gives hedge funds a bad name.