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Investment Firm Acquires Rowayton Building for $17.3M

ROWAYTON, CT-Graham Capital Management, L.P., has purchased the historic Rock Ledge property at 40 Highland Ave., and will relocate its headquarters operations into the 102,492-sf building here. The investment management firm plans to spend at least $10 million to renovate the building prior to occupancy early next year.

By John Jordan | Updated on May 09, 2003

ROWAYTON, CT-Investment management firm Graham Capital Management, L.P. will relocate its operations from Stamford to the Rock Ledge property here at 40 Highland Ave. The firm purchased the 102,492-sf building and adjoining Rock Ledge mansion for $17.3 million from Hewitt Associates. The property will be renamed the Rock Ledge Financial Center.

Graham Capital, which currently leases approximately 28,000 sf of space at Stamford Harbor Park, will occupy 60,000 sf of the financial center as its headquarters and will lease the remaining space. Graham Capital Management plans to undertake extensive renovations to the property prior to occupancy. According to Jeffrey H. Gage of Albert B. Ashforth who represented Graham Capital Management in the deal, the company will spend in excess of $10 million to transform the property into a “state-of-the-art financial center.” Albert B. Ashforth has been named the leasing agent for 40 Highland Ave.

The building will cater to the office space requirements of trading companies and investment management firms needing 5,000 sf to 40,000 sf for lease terms of five or 10 years. Renovations to the financial center will include: state-of-the-art communications systems, an athletic facility, dining facility and a 15-acre waterfront site. The refurbishments will be completed in December 2003 and the building will be ready for occupancy in early 2004.

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