Co-chair of construction and land technology Mike Handler visits the BLT-owned complex at 1 Elmcroft Road in Stamford, Connecticut, wednesday, July 14, 2021.
An internal view of the lobby of the building and grounds technology complex at 1 Elmcroft Road in Stamford, Connecticut.
An external view of the building and land technology complex at 1 Elmcroft Road in Stamford, Connecticut.
Digital Currency Group has signed a new 45,8000-square-foot lease at 290 Harbor Drive in Stamford, Connecticut, in one of the largest leases in Southwest Connecticut in 2021.
Frontier Communications has renewed its headquarters lease, totaling approximately 48,000 square feet, at 401 Merritt 7 in Norwalk, Connecticut, in one of the largest leases in Southwest Connecticut in 2021.
Elliott Management signed a 40,000-square-foot sublee at 600 Steamboat Road in Greenwich, Connecticut, in one of the largest rentals in southwest Connecticut in 2021.
Stamford Health has signed a new lease of approximately 44,600 square feet at 3001 Summer St. , in Stamford, Connecticut, in one of the largest leases in Southwest Connecticut in 2021.
Technology maker and service provider ITT leased approximately 24,000 square feet to one hundred Washington Blvd. , in the southern community of Stamford, Connecticut.
The iCapital corporate financial generation network plans to open offices in the fall of 2021 at 2 Greenwich Plaza, next to the Metro-North railroad station in downtown Greenwich, Connecticut.
Tomo Networks, a genuine wealth-focused money generation company, has leased approximately 13,000 feet at 2200 Atlantic St. , in the southern community of Stamford, Connecticut.
When the first wave of COVID-19 hit Connecticut in early 2020, rents in the region fell into a lethargy. More than a year later, genuine real estate agents are seeing many signs of a market awakening.
Fairfield County recorded 117 transactions totaling approximately 820,000 square feet of area at the time of the 2021 quarter, a volume that was higher by about 30% compared to the first quarter and increased 80% over the previous year, according to a new genuine advertising report. corporate real estate Newmark . .
Stamford and Greenwich emerged as the county’s most sensitive beneficiaries of renewed demand, taking advantage of their transit connections, proximity to New York City and low rates of COVID-19 infection and hospitalization in southwest Connecticut. dotting the county show that the recovery is over, yet agents and homeowners remain optimistic.
“This is a very positive quarter for Fairfield County,” James Ritman, executive vice president of Stamford-based Newmark, said in an interview. “Greenwich continues to lead the way. We are starting to see many splits (in demand) from Greenwich to other parts of the county. »
In the first part of 2021, five of the six most important transactions completed in the first part of 2021 took place in Stamford or Greenwich, according to Newmark.
In the largest transaction, Encompass Digital Media has renewed its lease of approximately 137,000 feet at 250 Harbor Drive in Stamford. Good Nurse Productions represented the new largest lease, signing approximately 88,000 feet at 419 West Ave. in Stamford.
The report also highlighted the popularity of Greenwich’s central district, where the availability rate of stylish A offices that can be rented or subleased has fallen to 3. 5%.
Among the most prominent newcomers, fintech company iCapital Network announced last June its goal to open offices this fall at 2 Greenwich Plaza, which is adjacent to the city’s main Metro-North rail station.
“There is an intense festival for the remaining options in the foreground, prompting a growing sense of urgency in the procedure for accessing a safe space,” the report on the Greenwich centre says. “This has triggered a cascading effect as those tenants continue to be sent back through the festival to the most productive options. Most of the call comes from Manhattan-based corporations that need to split their operations and open sub-offices. “
Fairfield County’s rental volume at the time of the 2021 quarter is approximately 820,000 square feet of space, an increase of approximately 30% from the first quarter of 2021 and 80% from a year ago.
The availability rate of county offices at the moment is 29%, compared to 26. 8% at the same time in 2020.
The largest rentals in Fairfield County in the first part of 2021 are:
Encompass Digital Media: 136,636-foot lease renewal at 250 Harbor Drive in Stamford
Good Nurse Productions – new 88,000 foot lease at 419 West Ave. in Stamford
Frontier Communications – 47,790-foot lease renewal at 401 Merritt 7 in Norwalk
Digital Currency Group: New 45,800-foot lease at 290 Harbor Drive in Stamford
Stamford Health – new lease of 44,597 feet at 3001 Summer St. in Stamford
Elliott Management – 40,000 square foot subleaing at 600 Steamboat Road in Greenwich
Source: Newmark
Despite the recent momentum, the Southwest Connecticut market still faces headwinds.
The Newmark report noted that the county’s uptime rate reached a “record” 29% in the quarter. It stood at 28. 4% in the first quarter and at 26. 8% a year ago.
Among the conflict areas, Newmark noted that the availability rate in the south-central market, adding Norwalk and Wilton, has reached 40%. In the last quarter, more than 300,000 square feet have been re-owned in Wilton, adding 172,575 square feet. standing block resulting from the departure of several tenants from the Wilton Woods campus.
“The Wilton and Norwalk markets have been the hardest hit in recent years, with a backlog of positions and few new calls to compensate for tenant attrition,” the report says.
In a much-needed touch for the Route 7 corridor, telecommunications giant Frontier Communications recently renewed the lease of its headquarters at the Merritt 7 complex in Norwalk. The 48,000-square-foot deal was ranked as the third-largest transaction in the county in 2021. .
At the same time, some large buildings occupied for a long time have higher levels of availability. Approximately 435,000 square feet of area will be in the 500,000-square-foot community at 1 Elmcroft Road in South Stamford, according to Newmark.
“When you have a 300,000-square-foot or 400,000-square-foot building that comes to a market in Fairfield County, it’s hard to reduce it with (a lease of) 17,000 square feet or 30,000 square feet,” Ritman said. Greenwich, that call comes to Stamford. Se rent the blocks on the right.
In 1 Elmcroft, the only corporate tenant is the owner’s own building and land technology offices. But the assets have been adapted for other uses, adding housing for Westover School and a “COVID-19 vaccine supersite” run by Stamford Health.
BLT officials said they are making plans for a number of capital innovations at 1 Elmcroft, which may come with the addition of a fitness center, a café and a front to kosciuszko park on the water’s edge.
A landmark for 1 Elmcroft is the complex at two hundred Elm St. -695 E. Main St. au in downtown Stamford. BLT acquired the assets in 2012, after reinsurer GenRe moved elsewhere in Stamford. tenants including Deloitte, Diageo, Henkel, RSM, and Webster Bank.
“695 E. Main is indeed a smart example of what we can do if we actively seek a repositioning of the building,” said BLT Co-Chair Mike Handler. “Today, it’s over 80% rented and home to some of the world’s most productive corporations. “
Other BLT-owned homes in South End have recently recruited significant recruits. Tomo Networks, a genuine wealth-focused money generation company founded last year, has leased approximately 13,000 square feet at 2200 Atlantic St. Technology maker and service provider ITT announced last month that it will move its headquarters from White Plains, NY to one hundred Washington Boulevard, taking about 24,000 square feet to its new location, which is just a few feet from 2200 Atlantic.
“There’s definitely been a lot of interest in the Stamford market and the Norwalk market over the last six to nine months,” Handler said. “What matters is the concrete resolution of moving a business and a contracting area, and I think starting to see corporations making one’s resolutions. “
pschott@stamfordadvocate. com; twitter: @paulschott