The 20,000-sf lease with Arch Insurance Company represents an expansion of the firm's presence in lower Fairfield County, according to W&M officials. Arch Insurance also has offices in Greenwich and its Altrisc division also had leased space in another part of the First Stamford Place complex. The Altrisc operations will be shifted to the newly leased Arch Insurance space on the fifth floor of 300 First Stamford Place. The insurer's lease at the property runs nine years.
W&M Properties is the marketing and management agent for the 810,000-sf, three-building First Stamford Place complex and is the real estate management, marketing and acquisition arm of the Malkin family of New York City.
Brodeur Worldwide, a public relations firm that specializes in the technology sector, has relocated its operations to Wilton where its parent Omnicom Group, Inc., maintains its headquarters.
Commenting on the deal, Jeffrey Newman, executive vice president of W&M Properties, says, "We were able to keep Brodeur out of the real estate business, and, at the same time, bring in a new, high-credit tenant for a long term lease. This deal reinforces our commitment to working with existing tenants wishing to shed space. And it shows that our class-A, multi-tenanted office buildings continue to attract tenants and brokers even in a slower market environment."
In fact, Newman adds that the transaction with Arch Insurance brings the First Stamford Place complex to virtually 100% leased. However, he notes that some currently leased but underutilized space can be made available. Also, a number of leases are set to expire in the spring of 2003 that may be available.
Doreen Gregory, assistant vice president of Arch Insurance, said the firm chose First Stamford Place due to the property's location near I-95 and the Stamford Transportation Center. She adds that the company, which provides business property, casualty and specialty insurance, was also impressed by the amenities and services offered at the complex.
Insignia/ESG, Inc.'s Senior Managing Director Paul Jacobs and Associate Director Colin Reilly of the brokerage firm's Stamford office represented Arch Insurance in the deal. Jacobs also acted on behalf of Brodeur Worldwide in its deals with the building owner. W&M Properties' Newman along with JoAnn B. McGrath, W&M Properties' vice president of leasing and marketing, and Senior Leasing Associate Kathleen A. Caracappa brokered the deals for the building owner.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
