STAMFORD, CT—Charter Communications is relocating its corporate headquarters from 400 Atlantic St. in Downtown Stamford to a new 500,000-square-foot facility to be built by Building and Land Technology at 406 Washington Blvd. here.
The deal is welcome news to the Nutmeg State, which has had its share of major corporate relocations out of the state, such as General Electric and Aetna. In exchange for incentives, Charter Communications has committed to add more than 1,000 jobs in Connecticut and invest $100 million in the state over the next seven years.
Charter Communications and Connecticut Gov. Dannel Malloy announced the transaction on Tuesday that calls for the construction of a new 15-story building at the Gateway Harbor Point site. The deal calls for Charter Communications to begin relocating employees to the new facility in 2019. In addition, there is an option to expand the site into a two-building campus. Charter Communications has hired Building and Land Technology to build its new headquarters. Construction on the project will begin once all municipal approvals are secured.
The company relocated its corporate headquarters to 400 Atlantic St. in Stamford in 2012 from St. Louis, MO. Charter currently employs approximately 1,100 workers at its current headquarters at 400 Atlantic St., where it occupies eight floors, according to a report in the Stamford Advocate.
“Since relocating Charter's headquarter operations to Stamford in 2012, the Company has undergone a transformation to become the second largest cable provider in the U.S.,” says Tom Rutledge, chairman and CEO of Charter Communications. “This new, state-of-the-art facility in Downtown Stamford will provide Charter the necessary resources to facilitate its continued growth.”
In May 2016, Charter Communications completed the purchase of Time Warner Cable Inc. in a deal valued at approximately $56.7 billion and for Bright House Networks LLC for about $10.4 billion.
“Today is a great day for Connecticut,” says Gov. Malloy. “Charter's announcement to create an additional 1,100 jobs shows that our strategic investments are continuing to spur economic growth and create good paying jobs in the state. We look forward to the continued success of Charter Communications as they grow within the state.”
While the state still smarts from the GE and Aetna relocations, back in July, tech firm Indeed announced a major expansion in Downtown Stamford, adding 500 new jobs in Connecticut.
The new deal with Charter Communications follows up its original commitment to create and retain 400 jobs under the state's First Five Program in 2012, when it first arrived in Connecticut. In exchange for its investment, the Connecticut Department of Economic and Community Development will provide an incentives package that includes a direct loan of $10 million and up to $10 million in tax credits. Additional tax credits are available if Charter further increases the total number of Stamford-based jobs, state officials say.
The Gateway Harbor Point site was chosen for its close proximity to mass transit, as well as its easy access to Interstate 95. The new headquarters will be the first commercial facility with direct access to the Stamford train station platform, providing employees with immediate access to both Metro-North and Amtrak Acela service.
Cushman & Wakefield's Christopher Wood, executive managing director; Jordan Decker director, both based in Chicago and Steve Baker, executive managing director in Stamford, CT represented Charter Communications in the deal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
