New space, same city for Legal & General
STAMFORD — An expanding pensionmanagement firm plans to relocate its local offices early next year within the downtown and make the new address its first official headquarters.
Legal & General Retirement America confirmed this week it would move in the first quarter of 2020 into 17,100 square feet on the ninth floor of 750 Washington Blvd. As the United States arm of Legal & General’s institutionalretirement business, which specializes in pension risk transfer (PRT) for corporate clients, it has been based since 2014 in the 6 Landmark Square building.
“We are firmly committed to the U.S. PRT market and have grown significantly since launching five years ago,” said Kim Rosenberg, LGRA’s vice president and head of distribution and retirement solutions. “Our new headquarters will better accommodate our growing Stamfordbased team of 35. The office will accommodate up to 75 employees, leaving us room
for further expansion.”
Alongside its Stamford contingent, LGRA operates a call center in Frederick, Md., where it employs 20.
LGRA’s main clients are corporations looking to reduce risk and volatility tied to their definedbenefit pension plans, according to company officials.
Many of these companies accomplish that goal by working with an insurer like LGRA that specializes in PRT. PRT transactions allows plan sponsors to transfer some or all of their pension liabilities to an insurer that then issues annuities to plan participants.
LGRA’s upcoming move
shows that while the city is still grappling with an officeleasing rate that has long hovered above 20 percent, downtown properties such as 750 Washington are still able to recruit corporate tenants.
The combined occupancy at 750 Washington and its sister building at 680 Washington Blvd. is 91 percent, according to the buildings’ owners. Other tenants in those buildings include Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital and Oppenheimer.
Together comprising the Stamford Towers complex, 680 Washington and 750 Washington were sold in 2017, for $97 million, to commercial real
estate investment giant CBRE Global Investors. The property subsequently underwent major renovations.
Among other recently signed leases, alcoholicbeverages giant Diageo announced in April that it would open satellite offices early next year at 200 Elm St., a few blocks east of 750 Washington.
Washington Boulevard has recorded several other major transactions this year. In June, Royal Bank of Scotland closed on the $163 million sale of 600 Washington, adjacent to 680 Washington. RBS is staying at 600 Washington for the next 12 years as a tenant.
Across the street, 677 Washington has recently experienced a revival.
After languishing as the city’s largest office vacancy for more than two years following UBS’ 2016 relocation of its local offices to 600 Washington, the complex has seen the opening in the past year of offices for professionalservices firm KPMG and architectural firm Perkins Eastman.
By early 2021, WWE plans to relocate its headquarters to 677 Washington from its current base on the city’s East Side.
Down the street at 406 Washington Blvd., Charter Communications is building a new headquarters, to succeed its current home at 400 Atlantic St.