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The site of an historic Rowayton mansion built for a 20thcentury industrialist will be renovated into a 21st-century haven for financial services companies in need of office space.
Graham Capital Management LT announced May 8 that it purchased the Rockledge property at 40 Highland Ave. in Norwalk from Hewitt Associates for $17.3 million. The property includes a 102,492-square-foot office building and the Rockledge mansion.
Jeff Gage, senior vice president for Albert B. Ashforth Inc., represented Graham Capital in the sale. He said the company plans a $10 million renovation over the next year to convert the office space, which will be renamed Rock Ledge Financial Center.
"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," said Paul Sedlack, chief operating officer of Graham Capital.
The company, which currently occupies 28,000 square feet at Stamford Harbor Park, will use 60,000 square feet of the site and lease the rest.
Graham Capital is an institutional asset management firm specializing in futures and commodities markets globally. Founded in 1994, the firm manages $3.2 billion in capital and has 75 employees.
Prestige properly
The Rockledge property is close to the commuter train line, major highways, local shops and restaurants.
The centerpiece of the property, a mansion built in 1916, is listed on the National Register of Historic Places. The huge fieldstone mansion was the estate of the late James A Farrell when he was president of U.S. Steel.
Hewitt Associates, a human resources and benefits outsourcing firm in Lincolnshire, Ill., bought the property in 1979. It bat the office portion and occupied the space until it moved to a new office building near Norwalk's Merritt 7 Corporate Park in April 2002. Hewitt developed that 250,000-square-foot building then sold it in a leaseback transaction. The company has had Rockledge on the market since then.
"It's not a particularly long time for it to be on the market considering that it's a very unique building," said Gage. "You're talking about a prestige property with the type of architectural uniqueness which narrows the market niche down to a handful of buyers."
Graham Capital's financial center will cater to the office space requirements of trading companies and investment management firms needing up to 40,000 square feet for lease terms of five or 10 years.
"The Rock Ledge Financial Center is a beautiful space with excellent amenities and is ideal for our needs now and in the future. 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," Sedlack said.
Renovations to the financial center will include communications systems to enable trading capabilities. Additional amenities will include an athletic facility and dining facility.
Copyright Westfair Communications May 19, 2003
