David Friedman, northeast regional vice president of Louis Dreyfus Property Group, says the company is in negotiations with three major prospective tenants for approximately 400,000 sf of total space. While Friedman would not reveal the identity of the corporations his firm is talking with, he notes that the firms are seeking to lease 155,000 sf, 145,000 sf and 90,000 sf respectively.
He confirms that Louis Dreyfus feels it needs approximately 250,000 sf in signed lease deals before it begins construction on the 23-story, 574,000 sf building. "We really need two of these deals," Friedman says in order to begin construction. "Hopefully they will be announced in the next two to four weeks," he reveals.
Friedman notes that one deal is basically done with the other two transactions nearing closing. When asked if he felt the company would be able to start the building soon, Friedman responded with a simple, "Yes."
While company officials felt the property would be a haven for New York City corporations who were tired of paying Manhattan office rates, thus far that has not been the building's chief market niche. Friedman reveals, "95% of our [possible] tenants have been from around here [Fairfield County area]." Friedman adds that he expects more New York City companies to consider Connecticut Place in the weeks and months ahead.
Louis Dreyfus is developing the Connecticut Place property in partnership with Apollo Real Estate Investment Fund LP. Site work is taking place at the property while lease negotiations continue.
The property is located in the Mill River area where the city of Stamford has undertaken a Mill River Corridor Redevelopment Plan that calls for a mix of commercial and residential development and the creation of a greenbelt park system on both sides of the river. Recently, the city received approximately $800,000 in federal funding to build a multi-purpose two-mile trail system on the west side of the Mill River.
Commenting on the Mill River Plan's impact on his project, Friedman notes, "We are pleased that Connecticut Place is an integral part of the Mill River Corridor Redevelopment Plan. The combination of office development, housing, restaurants, and parkland creates a truly unique urban environment that will serve as a catalyst for economic growth in Downtown Stamford. We look forward to working with the city as this project moves forward."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
