STAMFORD-The First Stamford Place office complex Downtown here has been sold by TrizecHahn to an investment group led by Peter and Anthony Malkin for $152.5 million.

The deal was announced by W&M Properties, the marketing, management and acquisition arm of the Malkin family. W&M has been retained to manage the three-building, 810,000-sf office complex that is located near the Stamford Transportation Center and Malkin's Metro Center office complex. This latest acquisition brings the Malkin portfolio in the Westchester-Connecticut market to 2.3 million sf, which makes the investment group the largest private commercial property owner in the area.

Commenting on the deal, which was valued at $188 per sf, Anthony Malkin says, “This is a compelling opportunity to acquire an ideally located, prime asset that is nearly fully leased at average rental rates more than 30% below current market, with some near-term potential lease rollovers, and for a price 25% below replacement cost.”