Peter L. Malkin and Anthony E. Malkin.An investment group headed by Peter L. Malkin and Anthony E. Malkin has acquired First Stamford Place, a class "A", three-building, 810,000 SF office complex along I-95 in Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , adjacent to the Stamford Transportation Center. First Stamford Place, which is currently 99% leased, was purchased from TrizecHahn for $152.5 million, or $188 per SF. The property will be managed by W&M Properties, the management, acquisition, and marketing arm of the Malkin family. The acquisition of First Stamford Place, together with $8 million in planned capital improvements, was funded with equity from a private offering placed with individual investors by Wien & Malkin Securities and institutional debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay from TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association - College Retirement Equities Fund and the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Teachers Employee Retirement System. |
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