Investment management company Franklin Templeton renews lease at First Stamford Place

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

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

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

The company’s more than 200 Stamford-based employees includes staff who joined following the completion in January of the acquisition of Stamford-based O’Shaughnessy Asset Management.

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 $4.5 billion acquisition of Legg Mason in 2020.

The San Mateo, Calif.-headquartered Franklin Templeton ranks No. 411 on this year’s Fortune 500 list of the largest U.S. corporations, with about $8.4 billion in revenues in 2021.

In the leasing negotiations, Jeffrey Newman and Kimberly Zaccagnino of ESRT represented the property owner. Commercial real estate firm Cushman & Wakefield’s Jay Hruska, Rob Lowe, Jeff Cushman and John C. Cushman III represented Franklin Templeton.

“ESRT provides exceptional value with healthy, modernized workplaces and industry-leading sustainability practices to serve the market flight to quality,” Newman, senior vice president of leasing at ESRT, said in a statement. “Franklin Templeton’s long-term renewal and consolidated relocation of its entire Stamford office space to First Stamford Place is a testament to the property’s ideal location for companies to recruit and retain employees from across the tri-state area, and to our successful tenant partnerships and industry leadership in indoor environmental quality and energy efficiency.”

Covering more than 777,000 square feet of rentable space across three buildings, First Stamford Place comprises one of the largest office complexes in Connecticut.

The property is 78 percent occupied. Among other large tenants, Fortune 500 firm United Rentals, which is the world’s largest equipment-rentals provider, last year renewed its headquarters lease for about 51,000 square feet.

Reinsurance firm OdysseyRe is the largest tenant at First Stamford Place, leasing 88,581 square feet.; twitter: @paulschott