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Quiet Expansion for Hedge Fund TGS Continues

One of Orange County’s more private finance firms hasn’t been quiet on the expansion front.

TGS Management LLC, an under-the-radar quantitative finance hedge fund that’s been rapidly expanding its local real estate presence in the past year, has additional plans in the works to boost its Irvine footprint, city records indicate.

The firm and its owners have been tied to deals for nearly 163,000 square feet of office space under development in the Irvine Spectrum since last year. Now it’s looking to add space to its original headquarters elsewhere in the city.

According to recent city documents, the firm is moving ahead on plans to modestly increase its space at its 14,000-square-foot base in the Woodbridge area of Irvine, building 5,000 additional square feet at 2 & 6 Witherspoon.

It owns its headquarters, which the company touts on its website as a worker-friendly, collaborative space with amenities including a fitness center, nap room, and rock-climbing wall.

Spectrum Lease

It’s notable that the company appears set on remaining in—and expanding—its original space despite the firm’s reported move to lease a much larger, newly-built building at the second phase of development at Irvine Co.’s Spectrum Terrace office project.

The nearly completed office at 17500 Laguna Canyon Road will run about 115,000 square feet.

It’s the first of three buildings that will wrap in phase 2 of Spectrum Terrace; Phase 1 was fully-leased until WeWork pulled out of its full-building deal there earlier this year as a result of internal company struggles.

It remains unclear what TGS plans to use the Spectrum Terrace building for.

TGS, which uses computer algorithms to invest via a so-called “quant” strategy, is estimated to employ less than 100 people in the city.

The Spectrum Terrace building is large enough to hold 400 or more workers.

Acquisition Front

TGS first made a splash in the local real estate sector last May when one of its founders quietly snapped up a 125,000-square-foot building on the opposite side of the San Diego (405) freeway from Spectrum Terrace.

San Francisco-based Wells Fargo sold the office, at 23 Pasteur, for $28 million. It’s next to a building used by Irvine retailer Tilly’s Inc. for its e-commerce operations.

Construction is ongoing at the site. TGS has torn down the Wells Fargo building and adjoining parking structure.

“The proposal is for a new 48,260-square-foot data center building, housing electrical equipment, limited office space and computers,” the city previously told the Business Journal.

The hedge fund lists job openings for several data center-related positions on its website.

All told, TGS’ new local footprint will top 180,000 square feet.

TGS’ founding team includes C. Frederick Taylor, one of Orange County’s wealthiest businesspeople.

Estimates of Taylor’s wealth range from $1.3 billion to multiple billions.

The late David Gelbaum, as well as Andrew Shechtel, are the other founders of TGS, which has offices in Irvine and Princeton, N.J.

Along with the data center positions, local hiring efforts have been ongoing primarily in engineering and research roles, according to its website.

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