Location v. Offer Quality?

Genuinely curious what people on here think, as I've not seen it discussed before. If you were to have two offers: one in a satellite office of an extremely well-regarded BB/EB or PE/HF shop, and another in a city like NY/SF/Chicago but for a less well-regarded firm, which would you take and why? Assuming that you'd be indifferent about compensation or distance from family and friends.

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