Graham Capital Buys 40 Highland Ave.
Graham Capital Management LP purchased the historic Rock Ledge property at 40 Highland Ave. in the Rowayton area of Norwalk, CT, which will undergo renovations over the next year to become a state-of-the-art financial center. The 102,492-square-foot office building and adjoining Rock Ledge mansion were purchased from Hewitt Associates for $17.3 million or approximately $169 per square foot. The complex will be renamed the Rock Ledge Financial Center.
Graham Capital, an investment management firm currently located at Stamford Harbor Park, will occupy 60,000 square feet of the financial center as its headquarters and will lease out the remaining space. The building will cater to the office space requirements of trading companies and investment management firms needing 5,000 to 40,000 square feet. Renovations to the financial center will include state-of-the-art communications systems to enable sophisticated trading capabilities, and additional amenities will include 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.
"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, COO of Graham Capital. The centerpiece of the property, a mansion built in 1916, is listed on the National Register of Historic Places. In close proximity to the train, major highways, local shops and restaurants, the building offers an easy commute to its occupants.