Cendant Division Signs Major Lease Deal in Norwalk

NORWALK, CT-Purdue Pharma LP, which relocated to Stamford earlier this year, has leased its former Norwalk corporate headquarters to Cendant Membership Services, a division of Cendant Corp. The membership services division, which will be spun off into an independent public company next year, will take occupancy of the 115,000 sf building by the end of the first quarter 2001.

Cendant officials and executives with CB Richard Ellis, who represented Purdue Pharma in the transaction, confirm the deal, which had been rumored in the real estate brokerage community.

Scott Bernstein, president of Cendant Membership Services, says, “Currently all of our executive team, more than 450 people, are situated in four buildings on Summer Street in Stamford. The lease will allow us to consolidate and have our management under one roof.”