By Sarah Trefethen
Relocating its headquarters from 350 Park Avenue in Manhattan, the investment firm Tweedy, Browne Company LLC has leased a 24,421 s/f suite at Metro Center in Stamford, Conn.
The 92-year-old firm will move in to Malkin Properties’ eight-story, 285,000 s/f suburban flagship early 2013 for a ten-year term.
Anticipating the expiration of its lease at the Vornado-owned 350 Park, the company scouted both suburban and Manhattan locations for potential new headquarters, according to Brian Goldman, executive managing director of Newmark Grubb Knight Frank.
Goldman brokered the deal on behalf of Tweedy, Browne along with Daniel Hassett, associate director.
Jeffrey H. Newman, executive vice president of Malkin Properties, represented the landlord, along with senior leasing associate Kimberly Zaccagnino and leasing associate Tara Long.
“Metro Center’s high-quality infrastructure, top-flight amenities and hands-on management services are viable assets for financial firms like Tweedy, Browne,” Newman said in a statement.
The building’s proximity to the Stanford Transportation Center was a draw for the tenants, as well as the building’s efficient floor plates and strong amenities package, according to Goldman.
“The partners spent a considerable time going through the process to ensure the environment was going to be the most beneficial possible for their employees,” he said.
Malkin Construction will be preforming a full, customized build-out of the space.
The brokers declined to comment on the terms of the lease. Sources familiar with the deal said the rent started at approximately $50 psf and the deal included a full concession package for work and free rent.
Metro Center is also located within Stamford’s Enterprise Zone, a business improvement zone.
According to Malkin Properties, Enterprise Zone tenants may qualify for an 80 percent tax abatement on all leased space for a minimum annual savings of nearly $5.00 per square foot, as well as for a 25 percent credit against State of Connecticut corporate income taxes for 10 years.
Tweedy, Browne handles over $14 billion for individuals, institutions, partnerships, off-shore funds and mutual funds. For 2012, TheStreet.com awarded Tweedy, Browne it’s “Best Funds” award in the category of international core stock.