The firm has been busy on a number of fronts: making acquisitions and building its nationwide presence. All this growth has led the US group noving into larger office facilities in New York City.
Hightower Advisors, which has been expanding with a series of acquisitions, announced yesterday that it is moving early next year into three new office locations in New York City.
Chicago-based Hightower said it will move from its location at 505 Fifth Avenue into new offices at 300 Madison Avenue, 405 Lexington Ave – the iconic Chrysler building – and 512 West 22nd Street.
The new 30,000-square-foot office at 300 Madison Avenue will give Hightower access to the entire 29th floor of the building, housing some of the firm’s New York-based advisory businesses.
The new office layout takes nods from Hightower’s newly-renovated and expanded corporate headquarters in the heart of the Chicago Loop. The workplace will feature a mix of casual space for gatherings, as well as high-tech desks, offices and meeting rooms.
Taking up 6,000 square feet on the seventh floor of 512 West 22nd Street in SoHo, the third and final Manhattan workspace will provide an additional home base for Hightower advisors serving the New York metro area.
“As we return to meeting and working together, it was important for us to create office space that is comfortable and welcoming, with room for growth,” Bob Oros, Hightower chairman and chief executive, said.
Hightower offers its 119 advisory businesses in 34 states and the District of Columbia a range of services designed to catalyze and accelerate organic and inorganic growth, including business development consulting, leadership and team development, marketing support, technology, investment management resources, compliance, accounting, payroll, and human resources. Inorganic growth services include M&A sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for transactions. Advisory groups that partner with Hightower also gain access to economies of scale, deep industry relationships and a nationwide advisor community.
The move comes as Hightower continues to take stakes and acquisitions of wealth managers across the US. In October, Hightower facilitated a sub-acquisition for Fairport Wealth, which added FMA Advisory of Harrisburg, Pennsylvania to Fairport's business of wealth management professionals. Hightower also took a stake in Landsberg Bennett Private Wealth Management, a $1 billion wealth management firm based in Punta Gorda, Florida.
In September Hightower took a stake in Arlington, Virginia-based Alexandria Capital, a $1.5 billion advisory business with offices in New York City, Boston, Portland, Oregon, and Juneau, Alaska. In June the firm won conditional regulatory approval to transform its Texas-based trust company into a nationally chartered trust company. In January this year Hightower made a strategic stake in New York-based Siller & Cohen Family Wealth Advisors, a $830 million wealth management firm in Rye Brook, New York. In late July it acquired Farr, Miller & Washington, a $2 billion (assets under management) wealth management firm based in Washington, DC with offices in Naples, Florida, and Devon, Pennsylvania.
The group surpassed $100 billion in assets under management in August 2021 and, as of September 30, 2021, the firm’s assets under administration were about $132 billion, and its AuM was $104 billion. In 2021, Hightower has made nine M&A transactions, and will officially launch a nationally-chartered trust company, the Hightower Trust Company, in the coming months.