Business
Narragansett Asset Management leases 3,615 square feet For HQ at Malkin Properties’ Metro Center in Stamford
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Jun 28, 2010 - 10:58 AM

STAMFORD, Conn. – Narragansett Asset Management, a private investment partnership based in Stamford, has leased 3,615 square feet at Metro Center for its headquarters, announces Jeffrey H. Newman, executive vice president of Malkin Properties, the marketing and management agent for the building.

The partnership, which also has a satellite office in San Diego, will occupy the fifth-floor space for a term of five years.

“We chose Metro Center because it is a Class A property, the location by the train station is very convenient, and Malkin Properties has an incredible reputation for managing the building,” says Andrew Griffiths, the partnership’s chief operating officer. “And Stamford offers greater convenience and more affordable costs than Greenwich. From our perspective as value investors, it meets all our criteria and is an exceptional value proposition.”

Mr. Newman, senior leasing associate Kimberly Zaccagnino and leasing associate Jovani Rampersad represented the landlord in this transaction. The tenant represented itself.

The flagship of Malkin Properties’ suburban portfolio, Metro Center is the 2006 recipient of BOMA’s prestigious TOBY (“The Office Building of the Year”) award. Built in 1986, the property is an eight-story, 285,000-square-foot, trophy multi-tenanted building located at the Stamford Transportation Center, which recently completed a $95 million enhancement program.

The building has on-site auto rental agencies; a tenants-only shuttle to and from the Stamford Town Center and downtown shopping areas; a fully equipped tenants-only executive conference center with wireless internet access; a new, tenants-only fitness center with locker rooms and state-of-the-art equipment; full HVAC capacity; 24/7 security; structured on-site parking; an in-house concierge service; an ATM; the Metro Grille restaurant and catering service; a sundry shop, offering newspapers, dry cleaning, and shoe repair services; and high-speed Internet access, including T-1 lines, fiber optics, and digital and broadband networks, as well as its own telecommunications center and PBX capabilities.

In addition, Metro Center is located within the city’s Enterprise Zone, which provides significant tax benefits to qualified companies. Enterprise Zone tenants may qualify for an 80 percent abatement of real estate and personal property taxes on all leased space and owned/leased machinery and equipment for five years, for a minimum annual savings of $5.36 per square foot, as well as for a 25 percent credit against State of Connecticut corporate income taxes for 10 years.

Other Malkin trophy properties in Fairfield County are: First Stamford Place, a three-building, 810,000-square-foot office complex located along I-95, adjacent to the Stamford Transportation Center and within Stamford’s Enterprise Zone; and MerrittView, a 255,000-square-foot office building located at the Merritt Parkway’s exit 40.

Malkin trophy properties in neighboring Westchester County are: Ten Bank Street, a 225,000-square-foot, 12-story office building located in White Plains, one block from the White Plains Transportation Center; and 500 Mamaroneck Avenue, a five-story, 285,000-square-foot multi-tenanted office building located in the I-287 East submarket in Harrison.

The company’s portfolio of suburban office buildings totals 1.85 million square feet of prime space in Westchester County, N.Y and in Fairfield County, C.T.

Malkin Properties provides full turn-key deal-making and management services, including marketing, lease negotiations, design, construction, management and cleaning services, all performed in-house. Broker commissions are paid in full as soon as leases are signed.

The firm is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.

Malkin Properties is the real estate management, marketing and acquisition arm of the Malkin family, which has commercial and residential operations in seven states.

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