Demolition Starts to Make Way for New Office Building

Demolition work has begun on the nine-story building at 24 Richmond Hill Ave. to make way for a new 23-story, 574,000 sf office tower at Connecticut Place here. David Friedman, northeast regional vice president of Louis Dreyfus Property Group, which is developing the site, says, “We are in serious discussions with a number of major companies interested in locating to Connecticut Place. There is a great deal of interest in this building, especially now with Stamford’s vacancy rate reaching record lows. There is an acute shortage of prime office space in Downtown Stamford, and we believe Connecticut Place is the right building at the right time.”

Insignia/ESG recently reported the office availability rate in Downtown Stamford at just 6%. The class A office market is even tighter, with just 5% availability. The Connecticut Place development is a joint venture of Louis Dreyfus Property Group and the Apollo Real Estate Investment Fund.