Investment management firm Franklin Templeton renews lease at First Stamford Place

STAMFORD — Investment management giant Franklin Templeton has renewed its lease in the First Stamford Place complex, owner Empire State Realty Trust announced Tuesday.

Franklin Templeton’s lease covers 79,059 square feet at 100 First Stamford Place, which represents approximately 10% of the building’s square footage at First Stamford Place. The new lease runs through 2035, in a property that is just yards from the downtown Metro-North Railroad station and Interstate 95 Exit 7.

“Franklin Templeton has entered into a new lease extension agreement at One Stamford Place,” Franklin Templeton said in a statement. “It marks an exciting new chapter for the company to bring together all Stamford-based employees…in one place.”

The company’s more than 200 Stamford-based employees include employees who joined the company after the January acquisition of Stamford-based O’Shaughnessy Asset Management was completed.

Franklin Templeton’s offices at First Stamford Place were opened in 2006. They had served as a local hub for asset management firm Legg Mason and taken over by Franklin Templeton following its acquisition of Legg Mason for $4.5 billion. dollars in 2020.

Franklin Templeton, headquartered in San Mateo, Calif., ranks 411th on this year’s Fortune 500 list of America’s largest companies, with about $8.4 billion in revenue in 2021.

During lease negotiations, Jeffrey Newman and Kimberly Zaccagnino of ESRT represented the landlord. Jay Hruska, Rob Lowe, Jeff Cushman, and John C. Cushman III of commercial real estate firm Cushman & Wakefield represented Franklin Templeton.

“ESRT delivers exceptional value with healthy, modernized workplaces and industry-leading sustainability practices to serve the market’s flight to quality,” said Newman, senior vice president of leasing at ESRT, in a statement. “Franklin Templeton’s long-term renewal and consolidated relocation of all of its offices from Stamford to First Stamford Place demonstrates the property’s ideal location for companies to recruit and retain employees from across the Tri-region. States, and our successful partnerships with our tenants and industry leader in indoor environmental quality and energy efficiency.

Covering more than 777,000 square feet of rental space across three buildings, First Stamford Place features one of Connecticut’s largest office complexes.

The property is 78% occupied. Among other major tenants, Fortune 500 United Rentals, which is the world’s largest equipment rental provider, last year renewed the lease of its corporate headquarters for about 51,000 square feet.

Reinsurance firm OdysseyRe is First Stamford Place’s largest tenant, leasing 88,581 square feet.

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