$22,800,000 Trophy Member Interests
First Stamford Place L.L.C. ("FSP") is a Trophy three-building office complex of 763,992 square feet in the Stamford, Connecticut Central Business District at the Transportation Center and Exit 7 of the Connecticut Turnpike. At the time of acquisition the property was 99% leased, primarily by credit tenants, at average rents well below current market.
FSP was acquired in January 2001 by a new Limited Liability Company in which Peter L. Malkin and Anthony E. Malkin are the sole members of the Manager. The Company acquired a 38% undivided interest in FSP by paying that share of the acquisition cost in a co-tenancy with Fairfax First Stamford L.L.C., which is also supervised by Wien & Malkin LLP, and is owned by a pre-existing partnership in which Peter L. Malkin is a general partner. Through Fairfax First Stamford L.L.C., the Malkin family has committed more than $10.5 million to the acquisition of FSP.
The investment is structured to provide from inception an attractive 8% annual cash-on-cash return commencing the month following acquisition, about 85% tax sheltered in the first two years and partially sheltered thereafter. FSP and Fairfax First Stamford L.L.C. will participate with the Company in the acquisition cost and ownership pro rata to their cash investment.
