Building and Land Technology Bullish on Stamford
- Jul 07, 2015
By Keith Loria, Contributing Editor
Building and Land Technology has acquired 1 Elmcroft Road, a 550,000-square-foot Class A office complex adjacent to Harbor Point, the transformative mixed-use waterfront development in Stamford, Conn., from Pitney Bowes.
Designed by noted architecture firm I.M. Pei & Partners, the complex is the former headquarters of Pitney Bowes, which now sits vacant, and will allow BLT to expand the commercial space at Harbor Point.
“This is a spectacular opportunity to own and redevelop an outstanding asset that will meet the needs of today’s companies,” Carl Kuehner, BLT’s CEO, said in a company statement. “In addition to providing a first-class office environment, 1 Elmcroft will enjoy all the benefits of Harbor Point’s dynamic waterfront lifestyle, including our newly-constructed apartments, diverse retail and restaurants, parks, and community events.”
Harbor Point encompasses an entire neighborhood, with a full mile of waterfront, more than 4,000 residential units, and several million square feet of commercial development. Previously, BLT redeveloped the former Pitney Bowes “Main Plant” in the city’s South End into nearly 1,000 new apartments, the noted Waterside School, and Commons Park.
“We remain bullish on Stamford and are delighted to make this new investment in the office market here,” Kuehner added. “Stamford is a bright spot for the Connecticut economy, and we are proud to have secured long-term commitments from tenants like Deloitte, Starwood, and XL Reinsurance by offering high-quality space, excellent access to transportation, and the lifestyle amenities that help these companies grow and attract top talent.”
Located at the tip of the South End peninsula, 1 Elmcroft Road offers stunning views of Kosciuszko Park, Stamford Harbor, and Long Island Sound.
CBRE’s 1Q Fairfield Office Market Report noted that the Stamford CBD and non-CBD submarkets contributed the largest volume of returns to the overall market. Asking rents finished at $35.63 per square foot, a slight increase from $35.30 per square foot seen in the fourth quarter of 2014.
In the report, Robert Caruso, senior managing director of CBRE, noted with new restaurants and other retail conveniences coming into Stamford, new life is being brought to the market and he’s bullish about the prospects for the rest of 2015.