News
FLEEING TO QUALITY
August 4, 2009
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| Next stop was RFR Realty's 1.6M-SF portfolio in Stamford, which has also been resilient thanks to a walking-distance Metro-North station and an overall tight market. Portfolio director Margaret Carlson (here with Joseph Artusa) notes that tenants are fleeing to quality from nearby Darien, Greenwich, and NYC. There's a price differential of up to 25%, she adds, and the city is particularly attractive as CT's financial center. In addition to Stamford Plaza, RFR also owns 177 Broad St., 300 Atlantic St., and Canterbury Green. |
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| Recently, the firm announced the start of a multi-million dollar interior and exterior capital improvement program at One, Two, Three, and Four Stamford Plaza, which is undergoing a series of renovations, design changes, and engineering upgrades. It also constructed new pre-built units, ranging from 1.5k-10k SF, for tenants that don’t have the experience or time for build-outs. Margaret notes that there have been a handful of deals over 20k SF, and it’s about to announce a deal that will bring overall occupancy to 93%. |
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| Margaret also tells us that the firm’s been active outside the portfolio. More than 1k corporate runners and walkers from around the Tri-State participated in RFR Realty's Annual 5k Corporate Run/Walk benefiting the Boys & Girls Club of Stamford, which was held in Stamford in late May. Here, she presents a $69k check to the Boys & Girls Club of Stamford’s Sonya Van Norden. |
