The acquisition marks RPW Group's entrance into Fairfield County, CT. The owner/developer maintains a portfolio of approximately one million sf of office space in Westchester County, N.Y.

Stephen Olvany, a director of Cushman & Wakefield's Metropolitan Area Financial Services Group, and Thomas O'Leary, a Cushman & Wakefield senior director, brokered the sale. Both work out of Cushman & Wakefield's Stamford office.

The bank, which will keep its regional headquarters and flagship financial center at 300 Main St., will retain 23,000 sf on floors one through three of the eight-story, 96,000-sf office building.

Robert Weisz, principal of RPW Group, notes that his firm will renovate the building, built in 1927, as a boutique Class A office building. He says the renovation program will take about 18 months to complete and will cost between $4 million to $5 million.

Commenting on the purchase, Weisz says, "Stamford is a market we had been trying to get into for a long time, but for one reason or another just couldn't get a deal done. This was the right type of product for us."

He adds that 300 Main St. is within walking distance of the Stamford train station and across the street from the Stamford Town Center shopping mall. He expects that small- to medium-size firms in the area will be attracted to the property's downtown Stamford location.

Cushman officials note that Stephen Baker, another senior director in Cushman & Wakefield's Stamford office, was awarded the assignment of leasing the building for RPW Group. With the exception of the bank's leased space, the remainder of the building is vacant.

"This is a tremendous deal for all the parties. First Union is able to retain its strong presence in lower Fairfield County, while Mr. Weisz will preserve and enhance a Stamford landmark," said Andrew Merin, executive vice president of Cushman & Wakefield's Metropolitan Area Financial Services Group.

The 300 Main St. building has been the bank's regional headquarters for 25 years, but it has served as a bank since it was constructed in 1927. The Stamford Savings Bank, a forerunner of First Union, was the first owner. In September 2001, First Union National Bank and Wachovia merged to form a bank and financial services firm that has assets of approximately $325 billion as of June 30, 2002.

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RPW Group Enters Fairfield Market with 96,000-SF Acquisition

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