Investment Firm Acquires Rowayton Building for $17.3M

ROWAYTON, CT-Investment management firm Graham Capital Management, L.P. will relocate its operations from Stamford to the Rock Ledge property here at 40 Highland Ave. The firm purchased the 102,492-sf building and adjoining Rock Ledge mansion for $17.3 million from Hewitt Associates. The property will be renamed the Rock Ledge Financial Center.

Graham Capital, which currently leases approximately 28,000 sf of space at Stamford Harbor Park, will occupy 60,000 sf of the financial center as its headquarters and will lease the remaining space. Graham Capital Management plans to undertake extensive renovations to the property prior to occupancy. According to Jeffrey H. Gage of Albert B. Ashforth who represented Graham Capital Management in the deal, the company will spend in excess of $10 million to transform the property into a “state-of-the-art financial center.” Albert B. Ashforth has been named the leasing agent for 40 Highland Ave.

The building will cater to the office space requirements of trading companies and investment management firms needing 5,000 sf to 40,000 sf for lease terms of five or 10 years. Renovations to the financial center will include: state-of-the-art communications systems, an athletic facility, dining facility and a 15-acre waterfront site. The refurbishments will be completed in December 2003 and the building will be ready for occupancy in early 2004.

The centerpiece of the Rock Ledge property, a mansion built in 1916, is listed on the National Register of Historic Places.

“After nine years in Stamford, we have outgrown our current space and have chosen this landmark property in Rowayton for its convenient location and rich historical features,” says Paul Sedlack, chief operating officer of Graham Capital. “For trading companies and investment management firms interested in relocating to Fairfield County, this property offers an ideal space with its excellent location and extensive data and power infrastructure.”

Gage said that Graham Management had initially looked to lease additional space in Fairfield County or at its current offices at Stamford Harbor Park. However, when the company learned of the availability of the 40 Highland Ave., “they could not pass it up.”

Graham Capital Management is an institutional asset management firm that specializes in global futures and commodities markets. Founded in 1994, the firm manages $3.2 billion in capital and has 75 employees.