Brokers and developers who participated in BOMA's "State of the Market" meeting at the Crowne Plaza Hotel here, agreed that Fairfield County is the prime market for new construction this year.
Michael Siegel, executive director of Insignia/ESG, said he was skeptical that any new construction would take place in Westchester County. However, he said he was bullish on the Downtown Stamford market. "I see Louis Dreyfus coming out of the ground this year," he said.
In fact, real estate sources indicate that Louis Dreyfus Property Group, the developer of Connecticut Place, a proposed 23-story, 574,000 sf office building, is in lease negotiations with several large tenants that could facilitate construction on the project to begin later this year. Apollo Real Estate Investment Fund is a joint venture partner with Louis Dreyfus on the Connecticut Place building.
Officials with Newmark & Company Real Estate, the exclusive leasing agent for Connecticut Place, had no comment on reports that lease deals are imminent at the building. Officials with Louis Dreyfus could not be reached for comment at press time. The Connecticut Place development is one of a handful of build-to-suit properties in Downtown Stamford currently marketing to large space users.
Salvatore Campofranco, senior vice president and managing director of Reckson Associates Realty Corp., said the company is still studying whether it will move forward with construction on a four-story, 310,000 sf office building at its Reckson Executive Park complex in Rye Brook later this year.
While not committing to the venture, he said that based on current market conditions, "The time is now, it makes sense."
Michael Grossman, executive vice president of Mack-Cali Realty, noted that the company may move forward with an office flex building in Westchester County this year, most likely at its Mid-Westchester Executive Park complex in Hawthorne.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
