STAMFORD, CT-GlobeSt.com has learned exclusively that the Navigators Group, Inc. has entered into a long-term agreement to occupy the entire eighth floor—totaling 36,782 rentable square feet—at 400 Atlantic Street. CBRE SVPs David Block and Steven Greenbush represented the building while Navigators was represented by Ed Tonnessen, executive managing director, Jones Lang LaSalle and Paul Jacobs, EVP, CBRE.
The insurance company will relocate its corporate headquarters from Rye Brook, NY. Navigators is one of several companies taking advantage of Connecticut Governor Dan Malloy's First Five Job Creation initiative, which incentivizes companies to move to the state. In 2012, Charter Communications moved its headquarters to 400 Atlantic Street—signing a 75,000 square-foot sublease on two floors—under the First Five program, according to Scott Landis, principal at the Landis Group, which owns the building. The remainder of the tenant roster at the 15-story, 500,000-square-foot Class A office tower includes UBS, American Express, the Santander Group and Harman Kardon.
Landis declined to reveal the exact length of the lease, but did say it spans more than 10 years. The building is 90% leased and a lease has been drawn for another tenant, he revealed, but negotiations haven't been completed. Overall, the company has managed to make huge strides on the building in a short period of time, Landis says.
“We've secured 130,000 square feet of new leases in the building over the last five months,” he says. “This is especially good in a market where the average user is 5 to 10,000 square feet, and these are all headquarter operations, some for the US and some are worldwide offices.” Further, Landis notes, “These are all full-floor or multi-floor users.”
"The 400 Atlantic location provides Navigators with a modern and well-positioned headquarters in downtown Stamford, with convenient access to transportation, restaurants, hotels and other vital business services,” adds Stanley Galanski, president and CEO, the Navigators Group, Inc., in an announcement.“The building's location and professional design enhances our brand and our ability to attract and retain high quality professional staff. Our relocation to 400 Atlantic is part of our growth strategy,” says, “and we look forward to the next decade of prosperous growth in Stamford."
“The interest we continue to receive from well-established companies is testament to the property's growing reputation as the premier headquarters location in Stamford,” says Landis in the release.
Originally conceived and constructed as Champion Paper's world headquarters, 400 Atlantic Street is located across from the Stamford Train Station and half a block from Interstate 95. It's highlighted by a dramatic lobby entrance and public spaces, 37,000-square-foot flexible floor plates, dramatic interior staircases that–Landis notes, prevent tenants from having to go through the floors and build staircases—and views of the Long Island Sound.
In 2012, the site was named the office building of the year from the Southern Connecticut Building Owners and Managers Association in the 500,000-to 1 million-square-foot, multi-tenant category. Each of the building's floors presents an opportunity for eight corner offices.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
