Score another victory for Stamford, with three financial-services companies that were previously based in Greenwich announcing their relocation to one of the state’s largest office complexes in the City that Works.
The companies— Altrinsic Global Advisors, Cramer Rosenthal McGlynn, and Valitana — have leased spaces of about 13,000 square feet, 6,000 square feet, and 8,000 square feet, respectively, in the 300 building of First Stamford Place, CTInsider reported.
Empire State Realty Trust, the owner of the complex, confirmed that CRM and Valitana have already opened their offices, while Altrinsic is scheduled to move in the fourth quarter of this year, according to the outlet.
Altrinsic cited the high-quality office space, convenient location, access to transportation, and attractive amenities at First Stamford Place as key factors in its decision to relocate from Greenwich. The company said it was dissatisfied with the cost premium associated with Greenwich’s office market and found Stamford, and First Stamford Place in particular, to be a more compelling option. All 28 employees of Altrinsic currently based in Old Greenwich will be making the move to the new location.
First Stamford Place already houses several notable tenants, including Eagle Bulk Shipping, EY, Franklin Templeton, Guardian Life, Paycom, and United Rentals, among others. With approximately 777,000 square feet of rentable space, the complex was about 80 percent leased in the first quarter of this year.
ESRT praised the advantages offered by First Stamford Place, such as its amenities, proximity to mass transit, sustainability initiatives, and excellent customer service. Stamford’s appeal as a hub for young professionals, coupled with its diverse dining and entertainment options, further contributes to its attractiveness as a business location.
While the relocation of these companies is a loss for Greenwich, the town’s office market remains strong. In the first quarter of this year, Greenwich had a total office space vacancy rate of 13.8 percent, significantly lower than the average of 25.4 percent in Fairfield County. In contrast, Stamford continues to grapple with high vacancy rates, with an overall office vacancy rate of 31.4 percent in the first quarter.
ESRT, which also owns properties like the Empire State Building in Manhattan, has another property in Connecticut called Metro Center, located across the street from the downtown Stamford Metro-North station.
Metro Center reported a leasing rate of about 82 percent in the past quarter.
— Ted Glanzer