Insignia/ESG, along with American Express Co's national real estate service provider Trammel Crow Co., are marketing the space for the credit card company. William V. Cuddy will be heading the team charged with leasing the space from Insignia/ESG, which includes Michel Siegel of the firm's Stamford office and Glen Isaacson of Insignia/ESG's Midtown Manhattan headquarters.
The American Express lease commitment at 400 Atlantic St., was larger than had been previously reported. Shortly after the terrorist attacks of Sept. 11, American Express announced it had signed a lease for 175,000 sf of space at 400 Atlantic St., a 440,000-sf property owned by 440 Atlantic St. Title, LLC, an affiliate of The Landis Group. After the attacks, the company also secured space in Short Hills and Parsippany, N.J. American Express later announced it would be vacating those properties as well and move back into its space at 3 World Financial Center, which was damaged in the Sept. 11 attack. The company had occupied one million sf of space at 3 World Financial Center.
Cuddy reveals that the discrepancy in the size of American Express' office space in Stamford was because the building owner at 400 Atlantic St., relocated the building cafeteria from the third floor to the ground floor, which allowed American Express to utilize additional space.
The sublease space involves approximately 145,000-sf of contiguous space on floors eight through 11, another 37,510 sf of space on the third floor and 8,000 sf on the lower level of the property.
American Express has already begun a phased relocation of its staff in Stamford back to New York City. "We expect the space to be available for new tenants by this September," Cuddy says.
Insignia/ESG was retained for the assignment on May 10 and has had some encouraging talks with some prospective tenants since then. "We have had some interesting prospects for the space," Cuddy says. However, he said that no deal was imminent. He would not comment on any pending negotiations for the American Express sublease space.
The other major tenant at 440 Atlantic St., is International Paper Co., which is the previous owner of the building.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
