Elizabeth Arden Inks Long-Term Lease Renewal for 50,000 Square Feet At Malkin Properties’ First Stamford Place

August 9, 2010

STAMFORD, Conn. – Elizabeth Arden, the legendary multinational beauty company, has renewed its lease commitment for 50,000 square feet at First Stamford Place for the next 12 years, announces Jeffrey H. Newman, executive vice president of Malkin Properties, the marketing and management agent for the three-building, 810,000-square-foot First Stamford Place office complex.

With this lease (Elizabeth Arden’s third renewal since taking occupancy in 1999), the company’s tenancy within the entire third floor at 200 First Stamford Place has been extended through 2021.

“We always explore every viable option before committing to a renewal, but there’s nothing at all in lower Fairfield County or in Westchester that offers the quality of service that Malkin Properties provides its tenants,” notes James Cantela, Head of Design and Construction with Elizabeth Arden. “Over the last 11 years, they’ve been extremely professional and attentive to our growing needs.”

“We’re very pleased Elizabeth Arden has chosen to keep one of its four global headquarters at 200 First Stamford Place,” says Mr. Newman. “This sizeable renewal represents a validation of the top quality, full turnkey services and broad range of amenities that tenants and brokers have long associated with First Stamford Place and Malkin Properties. We’re honored to be able to provide such a significant space for an iconic brand.”

Mr. Newman and Malkin Properties’ Senior Leasing Associate Kim Zaccagnino represented the landlord in this transaction. The tenant was represented by Mike Gordon, Joe Cabrera, and Jay Hruska of Cushman & Wakefield.

In 2003, First Stamford Place won The Office Building of the Year (TOBY) Award, in the mid-rise suburban office complex category, from the Southern Connecticut Chapter of the Building Owners and Managers Association (BOMA).

First Stamford Place is a three-building, 810,000-square-foot trophy multi-tenanted office complex, located at I-95’s exit 7 adjacent to the Stamford Transportation Center, which has completed a $95 million enhancement program.

The property is also located within Stamford’s Enterprise Zone, a distinction the complex shares with only one other CBD trophy building, Malkin Properties’ Metro Center. Enterprise Zone tenants may qualify for an 80 per cent abatement of real estate and personal property taxes on all leased space and owned/leased machinery and equipment for five years, for a minimum annual savings of $4.00 per square foot, as well as for a 25 percent credit against State of Connecticut corporate income taxes for 10 years.

Malkin Properties’ $8 million property enhancement program at First Stamford Place encompasses fully renovated common corridors, bathrooms, and elevator cabs; tenants-only multimedia conference center with wireless internet access; remodeled fitness center; remodeled and expanded dining facility; relocated and expanded sundry shop; improved interior and exterior directional and identification signage; landscaping enhancements and installation of an energy management system.

Building features include:

• tenants-only shuttle van service to and from the Stamford Transportation Center and shopping areas;
• secured structured parking garage within the buildings with 24-hour card access;
• Bright Horizons day-care center;
• an auto “spa” offering basic car wash to full-detail servicing;
• courier and express mail drop boxes;
• barber and newsstand/sundry shops;
• two ATMs;
• on-site management office;
• concierge service and 24/7 on-site security;
• comprehensive broadband telecommunications, including fiber and T-1 line networks, with tenants having several choices of telecom providers; and
• elevator cab monitors posting news/weather/sports/stock quote updates

The newly renovated Hilton Stamford Hotel, a 500-room luxury hotel with the largest banquet facilities in Fairfield County, is located directly adjacent to the property.

Other Malkin properties in Fairfield County are: Metro Center, a 280,000-square-foot property, located within Stamford’s Enterprise Zone, at the Stamford Transportation Center; and MerrittView, a 255,000-square-foot office building located at the Merritt Parkway’s exit 40.

Malkin properties in neighboring Westchester County are: Ten Bank Street, a 225,000-square-foot, 12-story office building located in White Plains, one block from the White Plains Transportation Center; and 500 Mamaroneck Avenue, a five-story, 285,000-square-foot multi-tenant office building located in the busy I-287 East submarket in Harrison.

The company’s portfolio of suburban office buildings totals 1.85 million square feet of prime space in Westchester County, NY and in Fairfield County, CT.

Malkin Properties provides full turn-key deal-making and management services, including marketing, lease negotiations, design, construction, management and cleaning services, all performed in-house. Broker commissions are paid in full upon lease execution. The firm is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste recycling and indoor environmental quality initiatives.

Malkin Properties is the real estate management, marketing and acquisition arm of the Malkin family, which has commercial and residential operations in seven states.