An event celebrating White Plains, N.Y.-based Fifth Street Management”™s relocation to Greenwich attracted 200 people and a host of dignitaries recently.
Company founder and CEO Len Tannenbaum, who is already a Greenwich resident, ate ice cream from Fifth Street ice cream carts and in open shirt collar greeted the crowd on the sun-splashed plaza of the building he bought in August at 777 W. Putnam Ave. for nearly $39 million.
Fifth Street Management, an asset management firm, has pledged to bring 96 jobs to Connecticut in the next five years as part of the state”™s “First Five” business initiative. The number includes 46 new hires in addition to the 50 employees Fifth Street is bringing from White Plains.
At the ribbon-cutting, Tannenbaum said the number of employees should reach 150 by the end of 2015.
The 8-acre parcel straddles the New York border on the Byram River. Tannenbaum said long-term plans call for a second building behind the current building, which had been the Nestle Waters headquarters.
The building also will host Healthcare Finance Group, a Fifth Street subsidiary that on its own manages $1 billion in assets. Fifth Street manages another $4 billion.
Tannenbaum said a third tenant, a California law firm establishing itself in Connecticut, also has signed on as a tenant. Marc Fisher Footwear currently rents space there and will remain, according to Fifth Street.
The state offered $5 million in low-interest loans and grants as an incentive to promote the relocation.
The $38.6 million building has three stories and 126,000 square feet. It was previously home to Nestle Waters North America, which relocated to Stamford in 2010.
“Connecticut has long been home to some of the most sophisticated and innovative risk and money management companies in the world,” Gov. Dannel Malloy said in a pre-event statement. “Fifth Street”™s move strengthens Connecticut”™s competitive position in this global industry and demonstrates that Connecticut continues to be a preferred destination for firms that could locate their business almost anywhere.”
The Department of Economic and Community Development is providing a 10-year, $4 million loan for the purchase and fit-out of 44,000 square feet of space in the building. As the company reaches hiring milestones, up to $3 million of the loan could be forgiven. The 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.
DECD Commissioner Catherine Smith congratulated Tannenbaum from a dais beside the front entrance, as did U.S. Rep Jim Himes, a Democrat; state Rep. Livvy Floren, a Republican whose 149th District encompasses the building; and Greenwich First Selectman Peter Tesei, a Republican. Tannenbaum cited their party differences and praised them for working to help his efforts.
Smith said, “I know Fifth Street will grow and thrive in this location.”
Under Tannenbaum, Fifth Street Management said in a statement it has managed two successful initial public offerings and has invested in more than 180 small and midsize companies since the company was founded in 1998.
Tannenbaum founded and is CEO of Fifth Street Finance Corp. and Fifth Street Senior Floating Rate Corp. He is chairman of the board of directors of Fifth Street Finance Corp. and vice chairman of the board of Fifth Street Senior Floating Rate Corp. He also is managing partner of Fifth Street”™s investment advisory arm and serves on its investment committee.
