W&M is adding another high-credit, big-name firm to the tenant roster at 100 First Stamford Place. Legg Mason, the global asset management firm that recently acquired Citigroup's asset management division, is also taking over much of Citigroup's space at the property. The lease, which accounts for 150,874 square feet, is effective until 2024. As part of the new transaction, Legg Mason will continue to lease another 51,787 square feet under its existing terms through 2012.

"Legg Mason was impressed not only by the quality of the property, but also by the Malkin family commitment and flexibility to allow the firm to execute a major renovation, restacking, and extension at this great complex," says Jeffrey H. Newman, Executive Vice President of W&M Properties.

In 2002, a lease transaction that doubled Citigroup's occupancy to 290,000 square feet and extended the terms of its lease commitment won the Leasing Deal of the Year Award for 2002 from the Fairfield/Westchester and New York City Chapters of the National Association of Industrial and Office Properties.

In the final component of this transaction, Legg Mason paid a very large lease cancellation payment for the right to give back 89,108 square feet it will not require once the redevelopment and restacking of its ongoing space is concluded. There is great excitement in the market about this, the largest leasing opportunity in First Stamford Place since W&M bought the property in 2001.

"We believe it's coming to market at just the right time, when quality space in Stamford is in high demand," says Mr. Newman. "Bringing to market such a large block of space for the first time is an exciting opportunity to further enhance the tenancy and stability of First Stamford Place."

First Stamford Place has long been recognized as a top-tier suburban property. In 2004, it won The Office Building of the Year Award (the TOBY) in the "mid-rise suburban office complex" category by the Building Owners and Managers Association (BOMA), Southern Connecticut chapter.

In addition, the popularity of the Stamford area is steadily increasing. Over the past few years, there have been "in-city" residential units built, and the downtown area now boasts a wide range of retail and arts offerings. These developments have helped create a livable and workable urban downtown, which preserves the charm and convenience of Stamford's smaller town origin.