STAMFORD, CT – CBRE Group’s Westchester/Connecticut office today announced three new leases at 700 Canal Street, a 90,000-square-foot historic, waterfront office building located in Stamford, CT. Simultaneously, the international brokerage firm that serves as the exclusive leasing agent for the property, revealed that the multi-million dollar capital improvement campaign undertaken by the ownership, ClearRock Properties, is underway.
The CBRE team of Brian Carcaterra, senior vice president; Michael McCall, vice president; and Peter Hansen, senior associate, oversee the marketing campaign of the asset on behalf of ClearRock Properties, which acquired the property as part of the 270,000-square-foot, four-building portfolio, which also includes 850, 860 and 880 Canal Street.
According to Mr. Carcaterra, “Even before the completion of the renovations and upgrades at the property we saw tremendous interest by a variety of tenants, culminating in the three leases we announce today. This property is truly a gem in the Stamford South End waterfront market and the long term lease commitment by these companies will undoubtedly encourage future economic growth in the neighborhood.”
The largest transaction arranged by CBRE was a long-term lease for approximately 5,000 square feet of office space on the first floor of the property by Sustainable America, Inc., a Stamford-based non-profit that seeks to improve the sustainability of the U.S. food and transportation fuel markets. In addition, office workspace designer Red Thread committed to more than 4,000 square feet of space on the third floor in a long term lease transaction. Finally, Unger Publishing leased 2,278 square feet on the second floor, housing its corporate offices in in one of the building’s newly created pre-built suites that offer turnkey amenities.
The CBRE team has worked closely with the owner, building architect, MKDA, and property manager, Albert B. Ashforth, in the re-development of 700 Canal, which consists of pre-war and post-war construction. The capital improvements include modernizing the building exterior and elevators; reinventing the main entrance and lobby; reconfiguring and optimizing floor plans; upgrading the HVAC and designing new common corridors and bathrooms.
700 Canal is located amid one of the nation’s largest redevelopment projects, Harbor Point - a former industrial area that is being redeveloped into a pedestrian-friendly, mixed-use neighborhood incorporating over six million square feet of office, retail, residential and hotel space. 700 Canal Street is convenient to I-95 and within walking distance to the Stamford Transportation Center, which serves as the region’s Metro North Railroad and Amtrak hub. Corporate neighbors include world headquarters for Starwood Hotels, Kayak.com, Design Within Reach and Pitney Bowes. Retail and dining destinations include Fairway Market, Harlan Social, Dinosaur BBQ, and Le Pain Quotidien.