Capital Group to Invest $38M in Manhattan Expansion, Add 200 Jobs

Global investment management firm Capital Group is expanding its presence in New York City with a $38 million investment that will add office space and create 200 new full-time jobs over the next five years.

The company will expand its operations at 345 Park Avenue in Midtown Manhattan, strengthening its existing New York presence and adding to the concentration of financial services firms in the Midtown East business district.

New York State will support the expansion with up to $3 million in performance-based Excelsior Jobs Program tax credits through Empire State Development. The incentives are tied to Capital Group meeting its job creation commitments.

Capital Group, one of the world's largest investment management organizations, has maintained a presence in New York for decades. The expansion will accommodate the company's continued growth and increase its workforce in areas including investment management, technology and business operations.

The investment comes as New York City continues to focus on attracting and retaining major employers while Manhattan's commercial real estate market adjusts to changing workplace patterns following the pandemic.

Large employers' decisions about their physical office footprints remain particularly significant for Midtown Manhattan, where office occupancy affects surrounding restaurants, retailers, transportation and other businesses that depend on a strong daytime workforce.

State officials pointed to Capital Group's expansion as evidence of New York's continued position as a major center for financial services and investment management.

The project also represents a significant commitment to physical office space at a time when companies continue to reassess their real estate needs. Investments such as Capital Group's could contribute to demand for high-quality Manhattan office space while supporting broader economic activity in the surrounding business district.

Capital Group is expected to create the 200 new positions over the next five years as it completes the expansion.



Learn more: Governor Hochul Announces Capital Group to Invest $38 Million in New York City Expansion