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Biggies In The 'Burbs

New York
Biggies In The 'Burbs
1600 Summer Street, Stamford, Conn.
Big leasing news from CT and NJ. GE Asset Management inked a long-term lease for 160k SF at 1600 Summer St. in Stamford, serving as anchor tenant at the Benenson Capital Partners affiliate-owned office complex. The space will be used for the firm's trading floor and corporate offices upon its 2Q11 relocation. CBRE's Sean Cahill, Robert Caruso, and Susanne Dengenis repped the tenant, while Benenson's Richard Kessler and Gary Sedoruk repped ownership. Fairfield County's office market showed improved performance in Q2, with 819k SF of leasing activity vs. Q209's 517k SF, according to CBRE. Starwood Hotels & Resorts Worldwide and Nestle Waters North America have both recently made deals for new HQs in Stamford.
Morris Corporate Center III, Parsippany, NJ
In NJ, Watson Pharmaceuticals found the perfect prescription—a 147k SF lease at Morris Corporate Center III in Parsippany, soon home to the company's administrative HQ. Cushman & Wakefield's John Minervini, Tom Giannone, Mitti Liebersohn, Bill Brown, and Josh Cohen repped the tenant, while JLL's Susan Mason, Ken Flynn, and Fred Hyatt repped owner TIAA-CREF. Hopefully this will continue an uptick in leasing—2Q velocity in NJ's office market dramatically outperformed 2Q09, CBRE says. Even though the overall availability rate remains high, there was a drop due to withdrawals of 749k SF in Parsippany and 124k SF in Jersey City.