Ed Tonnessen, executive vice president of Albert B. Ashforth Inc., reports that the company purchased the building from Regency Savings Bank, which is headquartered in Illinois. The deal closed on Dec. 28. and is valued at approximately $120 per sf.
The Ashforth Co. expects to take occupancy of between 25,000 sf to 30,000 sf of space at the three-story, 72,000 sf building by the summer of this year. The company's new offices will be home to approximately 100 Ashforth Co. employees. The company is now headquartered at Stamford Square (3001/3003 Summer St.), a seven-story 280,000-sf property. The Ashforth Co. and its various operating units: Albert B. Ashforth Inc. Management Services, Albert B. Ashforth Inc. Corporate Real Estate Brokerage and A.P. Construction Co. currently occupy approximately 20,000 sf of space there. The Ashforth Co. owns that property as well.
In explaining the reasons behind the purchase of the 707 Summer St., building, Tonnessen says, "Our company needed space and our company prefers to own the building we reside in. We were outgrowing space here and our tenants needed expansion space."
The 707 Summer St., property is currently vacant. The building formerly housed the offices of Cendant Inc., until its move to Norwalk last year. Tonnessen says that the firm will begin marketing the remaining available space at 707 Summer St., which will total approximately 40,000 sf.
Ashforth is beginning a $2 million renovation plan to completely upgrade 707 Summer St. Major improvements planned include: a new front entrance; upgrades to all common areas including all bathrooms, lobbies, elevators and landscaping; a new first floor concierge/security console; new exterior and interior lighting; and a new cooling tower, roof and building management system.
Security for the building is also being upgraded including video surveillance cameras, card access and manned lobby security. The exterior grounds and parking garage lighting will also be enhanced. Final plans for improvements are still being developed, Ashforth officials note. The renovation is projected to be completed by the summer of 2002. Perkins Eastman is the architect for the renovation program.
"These major renovations by Ashforth will greatly enhance this convenient downtown complex and offer tenants quality Class A space and great value at extremely competitive rates," said Gerard Hallock, senior vice president of Albert B. Ashforth Inc. Corporate Real Estate Brokerage, the exclusive leasing agent for 707 Summer St. "We're excited about the opportunity to completely renovate this building and to provide a Class A property for our new headquarters location. We have grown considerably over the past five years and the new space is much needed," adds Darrell Harvey, co-chief executive officer of The Ashforth Co.
Sean Cahill, Sean McDonnell and Michael Dillon of CB Richard Ellis' Team East represented the seller, 707 Summer Street Inc. The Ashforth Cos.' Management Services Division will provide the asset and property management for 707 Summer St.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
