Seventies Asset in South Norwalk Gets a Facelift
- Sep 18, 2015
By Gail Kalinoski, Contributing Editor
Renovations are beginning at 50 Washington St. in South Norwalk, Conn., as the new owner – Capital Equities Group – prepares to reposition the 13-story, 190,000-square-foot, mixed-use building and attract new tenants.
The office and retail property was built in 1972. Capital Equities Group, which has its offices at 50 Washington St., bought the building in 2014. Located in historic South Norwalk, the company has renamed the building SoNo Place. It is within walking distance to the South Norwalk train station and near major highways including Interstate-95, Merritt Parkway and U.S. Route 7.
The current occupancy was not released but available office space ranges from 1,500 to 26,000 square feet. There are also high-end, prebuilt units available that range from 1,500 to 3,400 square feet, according to CBRE Group’s Westchester/Fairfield County office, which is handling leasing.
Improvements to the building include adding a 4,000-square-foot fitness center, renovating the ground-floor café and opening it to the public and doubling the size of the lobby, which will serve as a collaborative work area for tenants with sitting areas and Wi-Fi. The offices will be designed with open ceilings, loft-style interiors featuring exposed beams and columns, concrete floors and walls and steel covering wall panels. The exterior will be given a modern industrial look with steel and glass canopies, new storefronts and lighting. A state-of-the-art central server room will be installed for those tenants who don’t have their own server/data facilities.
“The upgrades at SoNo Place combined with the amenities, direct access to the Metro-North (train station) and all major highways, and the abundant parking that the site provides, will no doubt make this a much sought after location and draw a variety of tenants,” David Block, the CBRE senior vice president leading efforts with colleagues Steven Greenbush and Kevin McCarthy, said in a prepared statement. “We are increasingly seeing TAMI – or technology, advertising, media and information – tenants join and expand within the greater Norwalk office market. These tenants often favor access to public transportation as well as open spaces and floor plates that have become known for increasing collaboration and productivity among their employees. The renovations as SoNo Place were designed with this in mind.”
Capital Equities Group, which has been in business for 22 years, specializes in real estate development, acquisition and general construction in the greater New York area. Other holdings in Norwalk include 10 Mott Ave., 50 North Main St., 38-40 North Main St., 54-60 South Main St. and 618 West Ave.