The cosmetics firm extended the term of its lease of 62,162 sf seven years in advance of the lease expiration at 200 First Stamford Place. The deal now runs through 2011, according to Jeffrey H. Newman, executive vice president of W&M Properties, the marketing and management agent for the building.
In its first long-term lease renewal since becoming a tenant in 1995, Elizabeth Arden will remain in its offices that comprise the building's entire third floor and a 10,000-sf portion of the second floor. W&M Construction Corp. will do the retrofit work for Elizabeth Arden.
"As the new owners of First Stamford Place, W&M approached (Elizabeth) Arden with an attractive renewal package, and after studying its options in the area, Arden chose to remain at First Stamford Place on a long term basis," says Jay S. Hruska, executive director of Cushman & Wakefield of Connecticut, Inc., who represented the tenant. Newman, along with JoAnn B. McGrath, W&M Properties' vice president of leasing and marketing, and Kathleen A. Caracappa, W&M Properties' leasing associate, represented the building owner in the transaction.
"I know that they (Elizabeth Arden) looked at and were solicited by the owner of 900 King Street (in Rye Brook, N.Y.) and the Starwood space at 777 Westchester Avenue," Newman reports. He adds that the company also considered several other office properties in the Stamford area.
However, by year's end the complex will have a unique opportunity where approximately 113,000 sf of contiguous space will be available, Newman reports. A large portion of that availability will be space currently occupied by International Masters Publishing. The firm will be relocating its operations housed in approximately 60,000 sf of space at the First Stamford Place complex to New York City.
Since the acquisition, W&M has initiated an $8 million capital improvement program that encompasses fully renovated common corridors, bathrooms, and elevator cabs; remodeled and expanded fitness center and cafeteria; new interior and exterior directional and identification signage; landscaping enhancements and installation of a new energy management system.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
