McKinsey & Co. is set to open an office in Darien, Connecticut, joining a surge of financial companies in this affluent town. The consulting firm will be located near firms like Crestwood Advisors and Janney Montgomery Scott, taking advantage of Darien’s revitalized downtown. The location is attractive to professionals who prefer to avoid commuting to New York City.
Darien, the wealthiest town on Connecticut’s Gold Coast, symbolizes the rising demand for modern workspaces closer to suburban residences. While office values have plummeted nationwide post-pandemic, Darien saw a 164% surge in office leasing last year, according to CBRE Group Inc.
McKinsey’s decision to grow its presence in Darien aligns with its strategy to be closer to both colleagues and clients. The new office will accommodate 260 employees relocating from Stamford, benefiting from Darien’s proximity to the Metro-North Railroad station and the availability of upscale buildings, a feature Stamford lacks.
This growth spurt in Darien draws comparisons to Greenwich, CT, which is known for its hedge funds and limited office space. Despite its smaller scale, Darien’s expansion highlights a significant trend. McKinsey, which reported $16 billion in revenue last year and has 45,000 employees globally, has also expanded in other booming areas like Miami.
The consulting industry faces challenges, with McKinsey recently cutting 1,400 roles and warning 3,000 consultants about performance improvements. Additionally, Darien’s appeal has attracted firms like Balance Point Capital and insurance giant Aon Plc, further establishing it as a burgeoning financial hub.