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Monday, September 01, 2008

Phoenix Picks Post Spin-Off Space

Reported by Erin Kello

Phoenix Investment Partners has chosen a location for its headquarters when it becomes a separate company from The Phoenix Companies. The company inked an eight-year lease for a 32,000 square foot of space at 100 Pearl Street in Hartford, Connecticut. The company plans to move its 140-member headquarters staff to the new office upon completion of the spin-off from The Phoenix Companies. At that point the company will be re-named Virtus. The spin-off is expected to be completed by the end of the year.

Company Press Release

HARTFORD, Conn.--(BUSINESS WIRE)--Phoenix Investment Partners, a diversified asset management firm with $33.4 billion under management and a subsidiary of The Phoenix Companies, Inc. (NYSE: PNX - News), today announced that it has signed an eight-year lease agreement with The Silverman Group to move its 140-member headquarters staff to office space at 100 Pearl Street in Hartford. Virtus will lease approximately 32,000 square feet of space on two floors in the building.

The company expects to move to 100 Pearl by the end of the year, following its spin-off from Phoenix. It will be renamed Virtus Investment Partners when it becomes an independent company.

George R. Aylward, president of Phoenix Investment Partners, said the company considered a variety of locations but was committed to remaining in Hartford and selected the 100 Pearl Street building because of the many amenities of downtown Hartford.

“This location offers a prestigious office address in downtown Hartford with everything we need as we build a new company,” Aylward said. “We have a diverse workforce, which means some employees will be taking mass transit and others will take advantage of the highway system and nearby parking. The location also has access to a variety of restaurants for lunch and to the cultural and entertainment venues that Hartford offers our employees after work.”

Hartford Mayor Eddie A. Perez commended the company on its decision to stay in downtown Hartford, calling it “another example that Hartford is ‘Open for Business’ and companies are confident in the city’s future growth and potential.

“The commitment to keep 140 jobs here demonstrates that Hartford is making every effort to recruit and retain highly skilled and educated professionals,” Mayor Perez said. “Our diverse workforce is one of the most productive in the world and we congratulate Phoenix Investment Partners for recognizing all that the Capital City has to offer. The company’s name will be changing to Virtus Investment Partners but its heart is still in Hartford and we couldn’t be more proud.”

"The Silverman Group welcomes Virtus as our newest tenant in our Class A office complex located at 100 Pearl Street in downtown Hartford. We look forward to a successful long-term relationship as we continue to offer our tenants many first-class, upscale amenities and services," said Kenneth Silverman, chairman and chief executive officer.

“When we began the search for prime office space, we had several options, including suburban office parks, but we felt it was important to keep our presence in Hartford,” said Aylward. “Hartford has been the home for Phoenix for more than 155 years, and we’re excited to build our business in the city.”

CB Richard Ellis in Hartford represented Phoenix Investment Partners in brokering the agreement and in lease negotiations.

The company is currently headquartered at 56 Prospect Street in downtown Hartford, adjacent to Phoenix Companies’ “boat building.” Earlier this year Phoenix Companies announced its intention to sell the 56 Prospect Street property following the spin-off of Phoenix Investment Partners.

Phoenix Investment Partners provides investment management products and services to individuals and institutions. It operates a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Investors have an array of needs and Phoenix Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. It had $33.4 billion in assets under management as of June 30, 2008.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX - News) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company’s products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 2000. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit www.phoenixwm.com.

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