Global private markets asset manager HarbourVest Partners has expanded its presence with the opening of its first office in New York City.

The firm has secured a 10-year lease for 19,752 square feet on a portion of the 49th floor at 9 West 57th Street in Manhattan’s Plaza District, represented by commercial real estate services and investment company JLL.

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According to JLL, financial services firms are driving leasing activity in Manhattan as they seek office space that supports talent recruitment, client engagement and long-term growth.

Boston-headquartered HarbourVest manages more than $160bn (£119bn) in assets and serves both institutional and private wealth investors across North America, Europe and Asia.

JLL’s vice chair Alexander Chudnoff and associate Ava Loughlin represented HarbourVest in the transaction, while ownership was represented by CBRE’s Howard Fiddle, John Maher, Gregg Rothkin and Alex Leopold.

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“Today’s leading financial firms are increasingly focused on attracting and retaining top talent, and the office they choose has become a critical part of that strategy,” said Chudnoff. “HarbourVest wanted its office in New York City to reflect the caliber of its business, and to provide an exceptional experience for both clients and employees.”

Earlier this month, Brian Taranto was appointed to the newly-created role of managing director and chief operating officer of global private wealth at HarbourVest, as the firm scales its global private markets platform.

HarbourVest’s platform provides clients with access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit.