Global asset management firm Legg Mason & Co. LLC has signed a lease for 150,874 square feet at 100 First Stamford Place through 2024, according to W&M Properties, the marketing and management agent for the Stamford, Conn., building.
The value of the transaction was not disclosed.
This new lease is the result of Legg Mason’s recent acquisition of Citigroup’s asset management division, which had been occupying 290,000 square feet throughout the First Stamford Place campus, a three-building, 810,000-square-foot, class A office complex, located at I-95’s exit 7.
Of Citigroup’s leased space, W&M will be recapturing 89,000 square feet effective June of 2007, resulting in the largest vacancy in First Stamford Place since W&M bought the property in January of 2001. Another 52,000 square feet of Citigroup’s leased space remains unaffected through year-end 2012, at which point Legg Mason has the option to renew.
W&M’s recently completed $8 million property enhancement program encompasses fully renovated common corridors, bathrooms, and elevator cabs; a new tenants-only multimedia conference center with wireless Internet access; a remodeled fitness center; a remodeled and expanded dining facility; a relocated and expanded sundry shop; new interior and exterior directional and identification signage; landscaping enhancements; and installation of a new energy management system.
W&M Properties is the real estate management, marketing and acquisition arm of the Malkin family, which has commercial and residential operations in seven states.