Robert J. Boyland, vice president of corporate realty services for Citigroup (left), with Anthony E. Malkin, president of W&M Properties (center) and Jeffrey H. Newman, W&M executive vice president, at the NAIOP awards ceremony.

The transaction doubled Citigroup's occupancy at First Stamford Place to 290,000 square feet and also extended the term of the financial giant's lease commitment through staggered lease terminations in 2010 to 2012.

W&M Properties, Citigroup, and Cushman & Wakefield (Citigroup's broker in the transaction) received the award at a November ceremony at the Sky Club atop the MetLife Building in Manhattan.

First Stamford Place, a Class-A complex comprising 810,000 square feet in three buildings along I-95 at the Stamford Transportation Center, was acquired by two Wien & Malkin partnerships in late January 2001. Citigroup's expansion there eight months later enabled its Citicorp North America unit to consolidate its asset management group at that location. Leases with seven other tenants were amended or terminated with payments to First Stamford Place to make the transaction possible.

Major tenants at First Stamford Place include Eli Lilly, Philip Morris Companies, National Indemnity, and Elizabeth Arden. The complex is 99% leased.

Jeffrey H. Newman, executive vice president of W&M Properties, says W&M's immediate goal following the acquisition was to enhance the property's Class-A status by instituting a program of capital upgrades and expanded amenities, thereby providing an opportunity to augment the property's cash flow with long-term lease commitments from highly credit-worthy tenants.

"The continuing financial security of our properties is the number one priority in leasing," Mr. Newman says. "So when the chance to expand our relationship with Citigroup arose, we undertook an efficient assemblage program that accommodated Citi's needs while helping reduce the commitments of other tenants that were not fully utilizing their existing space."

The result, he notes, "was an award-winning deal that contributes substantially to the benefits enjoyed by Wien & Malkin investors."