AMG Funds Rebrands and Consolidates in Greenwich, CT
AMG Funds LLC, a global asset management company, listed on the NYSE, wanted to relocate its corporate headquarters from Norwalk, CT, as part of a national corporate rebranding initiative. AMG also had a portion of its corporate staff in Conshohocken, PA, and wanted to combine these business units into a Class A property in the space-constricted city of Greenwich, CT. Timing was a factor, as both leases in Pennsylvania and Connecticut had unexpired terms, requiring two subleases or lease terminations in order to complete the relocation. After an extensive RFP process, AMG hired Savills to acquire the new corporate headquarters and dispose of the remaining leases.
Three separate assignments were undertaken simultaneously, and all needed to be completed within eight months. Craig Lemle, a 40+ year veteran of Savills and a market specialist in Greenwich and Fairfield County, headed up the search for the new space, as well as oversaw the existing leases in Norwalk. Tim Monahan and Cathy Pullen, executives in the Savills Philadelphia office, worked with Craig in Connecticut and were also responsible for the Conshohocken lease. Greenwich offered only two properties that could accommodate a 40,000-square-foot requirement, and one of those was taken off the market during the search.
While creating leverage on behalf of AMG was difficult, Savills was able to negotiate a very favorable new lease at 600 Steamboat Road on the top floor of this newly renovated property. Included in the lease were prominent signage opportunities and extensive rights to expand over the lease term. In addition, we negotiated restrictions on the landlord regarding renting to other financial companies in the future.
AMG Funds is part of Affiliated Managers Group (AMG), the world’s 5th largest publicly traded investment firm, and the largest provider of boutique investment management expertise. AMG Funds provides a single, efficient point of access to over 30 independent and autonomous investment managers, offering more than 100 mutual funds and separately managed accounts across nearly every asset class and up and down the risk spectrum.