Business & Tech

Financial Firm Relocating to Greenwich with Help of State Loans


A White Plains-based financial firm is relocating its headquarters to Greenwich with the help of $5 million in loans and grants from the state of Connecticut, it was announced Friday.

In a statement, Gov. Dannel Malloy’s office announced that FSC CT and its Fifth Street affiliates, will bring approximately 50 jobs from its present location in White Plains, and plans to add at least 46 more jobs as it grows in the next decade.

FSC spokesman James Velgot said the firm expects to move into 44,000 square feet of space at 777 W. Putnam Ave., on the Greenwich-Port Chester border in about a year—the amount of time it is expected construction to fit the building for the company’s needs.

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According to the website for commercial Realtor Newmark Grubb Knight Frank, the three-story building has 130,000 square feet, was built in 1977 on 7.8 acres.  In 2010, the headquarters of Marc Fisher Footwear LLC has signed a long-term lease for 44,000 square feet.

Velgot said that Fisher’s headquarters will remain and that the remaining space will eventually be leased to other tenants.

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The Department of Economic and Community Development (DECD) will provide a 10-year, $4 million loan for the purchase and fit-out of the building. As the company reaches hiring milestones, up to $3 million of the loan may be forgiven. DECD will provide a $500,000 grant to fund job training and a $500,000 grant for the installation of a fuel cell, wind, or solar-powered energy system for the building.

The funding was approved Friday morning by the State Bond Commission, according to state Sen. L. Scott Frantz (R-36). "I'm always encouraged with companies that want to move to Connecticut. They (FSC) believe Connecticut has a better economic outlook for their long-term plans. I see it as a positive for the state and for the town."

The project is expected to create approximately 498 construction jobs and 615 support jobs.

State Rep. Fred Camillo (R-151) said in a prepared statement, “The immediate employment of over 1,000 construction and support jobs will strengthen both the financial sector here in the state and the lower Fairfield County area.” Camillo added, “DECD's grant for a job training program as well as the state pursuing grant money for the installation of a fuel cell, wind, or solar-powered energy system at the project location makes this an attractive project.”

In the statement, Leonard Tannenbaum, Fifth Street’s CEO, said, “We are thrilled to relocate our operations to the State of Connecticut,” said  “When completed, our new headquarters in Greenwich will support the rapid growth of our company and the overall Fifth Street platform, while maximizing the efficiency of our organization.” The firm has been in White Plains for eight years, according to Velgot.

Tannenbaum, a Greenwich resident, added, “The Fifth Street platform as a whole is one of the leading small to mid-sized lending organizations in the country, including being a lender to several Connecticut-based companies.  We appreciate the Governor’s vision to support the continued growth of Greenwich as a major financial services hub.”

FSC CT, Inc. is an administrator and an affiliate of Fifth Street Finance Corp. (NASDAQ: FSC), a specialty finance company that lends to and invests in small and mid-sized companies, primarily with investments by private equity sponsors, and Fifth Street Senior Floating Rate Corp. (NASDAQ: FSFR), a business development company that invests in senior secured loans to middle market companies.  The overall Fifth Street platform has provided more than $2 billion in loans nationally to the middle market community since its inception, according to the announcement.

 

 


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