| Despite the lacking bridge over the Sound, we still love Connecticut. We recently dropped by two major office developments to get a feel for the market. First: the 1.4k-SF Merritt 7 Corporate Park in Norwalk, owned by a NYS Teachers’ Retirement System and Fairfield Investors JV. Although it's been a tough year, JoAnn McGrath, director of leasing for original developer-now-managing/leasing agent Albert D. Phelps, tells us that it’s fortunate for little rollover. Although some spaces are being left for sublease, it leaves an opportunity for larger floorplates, which haven't been available for years. She notes a flurry of tenants on the ground, some finally making renewal decisions. |
| One focus for the owner is greening. Building 401 has already been registered for LEED Existing Building, and the others will follow suit, she says. Recently, the property underwent a $30M capital improvement plan, which included upgrades to the interior and exterior of all six buildings. The lack of development has also been a boon for the property, which is 97% leased. Major tenants at Merritt 7 include FactSet, Marsh USA, and EMCOR. |
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