Money manager AllianceBernstein is moving its headquarters from New York City to Nashville as a cost saving measure.
The company’s CEO and most of its New York City staff will make the move south, the Wall Street Journal reports. The firm is headquartered at 1345 Sixth Ave., which is owned by Fisher Brothers. It reportedly occupies around 40% of its 992K SF lease in the 2M SF skyscraper.
AllianceBernstein will complete the move in 2022, according to CNBC.
The company told employees in a memo that lower property taxes were one of the reasons behind the decision to move, as well as the cheaper cost of living, easier commutes and the ability to attract top talent.
More than 1,000 employees will be leaving the city in the move. The company, which manages $550B in assets, has been based in New York City for five decades.
It considered moving to 30 cities and weighed issues like housing, education, climate and costs of living, according to the WSJ.
"Moving our corporate headquarters here allows us to offer advantages to our employees that we simply couldn't in the New York metro area," president and CEO Seth Bernstein said at a press conference, according to CNBC. "We're no Amazon ... but everyone we've interacted with here has treated us as if we were.”
