Business, Free News Articles, Real Estate, Reports and Studies

Choyce Peterson Publishes Year-End 2021 Lower Fairfield County Office Space Availability Poster

NORWALK, Conn. -- Choyce Peterson, Inc. (www.choycepeterson.com), a full service commercial real estate brokerage firm with a specialization in tenant representation, announced the release of its 24th semi-annual Lower Fairfield County Office Space Availability Poster.

The full-size poster depicts silhouettes of 96 buildings with a total inventory of 18.2 million square feet (sf) and tracks changes in office space availability from Year-End 2020 to Year-End 2021 in larger, primarily multi-tenanted Class A office buildings in Stamford, Norwalk, Greenwich, and Westport. The unique study illustrates the absorption and give back of direct and sublease space, as well as overall availability statistics.

This report shows there was a 0.9 percentage point decrease in total availability during 2021, from 29.8% at Year-End 2020 to 28.9% at Year-End 2021. Of the 5,277,382 sf of available space: 3,738,928 sf (70.9%) is on a direct basis while 1,538,454 sf (29.1%) is sublease space.

The following refers to the poster's "availability rate" at Year End 2020 vs. Year-End 2021 in each market surveyed:

* Stamford decreased from 34.1% to 30.4%. Of the 31 buildings surveyed, 17 experienced a decrease in available square footage, 10 had an increase and 4 were unchanged. 300 Atlantic Street, 1 Landmark Square, and One Station Place (Metro Center) combined added 145,781 sf of available space, while 290 Harbor Drive, 2200 Atlantic Street (1 Harbor Point), and 3001 Summer Street combined leased 258,461 sf. Interestingly, of the 2,913,696 sf of available space in Stamford, five buildings account for 47%, or 1,370,324 sf, of the total.

* Norwalk increased from 34.6% to 38.3%. Of the 20 buildings surveyed, 10 experienced a decrease in available square footage, 8 had an increase and 2 were unchanged. 201, 301 and 401 Merritt 7 combined added 157,689 sf of available space, and 801 Main Avenue and 20 Glover combined leased 90,914 sf. The 38.3% availability is the highest level since we started tracking these buildings ten years ago.

* Greenwich, the strongest of the four markets, decreased from 16.1% to 15.5%. Of the 25 buildings surveyed, 14 experienced a decrease in available square footage, 3 had an increase and 8 were unchanged. 100 West Putnam Avenue, 1 American Lane and 411 West Putnam Avenue combined added 196,409 sf of available space, and 1 Greenwich Plaza, 600 Steamboat combined leased 148,992 sf. A rare occurrence in the market: there is now essentially an equal amount of sublease and direct space available in Greenwich.

* Westport increased from 12.6% to 16.0%. Of the 20 buildings surveyed, 5 experienced a decrease in available square footage, 6 had an increase and 9 were unchanged. 276 Post Road W, 57 Greens Farms Road and 285 Riverside Avenue combined added 53,491 sf of available space, and 33 Riverside Avenue and 274 Riverside Avenue combined leased 25,440 sf. Two points of interest: there is almost double the amount of available sublease space versus direct, and 13 of the 20 buildings surveyed have either no space for lease or less than 5,000 sf available.

"It's certainly an interesting office market environment where two sub-markets had a decrease in availability (Greenwich and Stamford), while two sub-markets had an increase (Norwalk and Westport)," stated John P. Hannigan, co-founder and a principal at Choyce Peterson. "There's a balancing act going on right now: on one hand, sublease space continues to be added to the market, while at the same time Greenwich and Stamford in particular are attracting companies from outside the area who are absorbing large amounts of space. As a result, we expect the overall availability rate to remain relatively the same during the first half of 2022."

Adam M. Cognetta, vice president at Choyce Peterson noted, "Sublease supply, fueled by a shift in workplace trends and an underlying uncertainty, is something we continue to track closely as it remains a primary contributor to overall availability. Interestingly, we're seeing well-located assets at premium price points attract more interest and outperform the broader market."

Hannigan added, "Now more than ever, landlords continue to be flexible in their lease negotiations and accommodating tenants' specific needs. Transactions are even being completed with companies who have two plus years of term remaining on their leases. We at Choyce Peterson are successfully advising our clients to create an action plan on whether to renew, downsize or relocate. From there, we are negotiating very favorable financial terms on their behalf, including generous amounts of free rent, discounted base rent, and landlord funded retrofits designed exactly to a tenants' specific layout needs."

To view the poster, click on the following link: https://www.choycepeterson.com/officeposter

To order a copy of Choyce Peterson's comparative Silhouette Poster, please call 203-356-9600 or email info@choycepeterson.com.

About Choyce Peterson

Choyce Peterson, Inc., a full service commercial real estate brokerage and consulting firm with offices in Norwalk, CT and Rye Brook, NY, was founded in 1997 and has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions. https://www.choycepeterson.com/

Related link: https://www.choycepeterson.com/

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Business, Free News Articles, Real Estate

Renaissance Capital Relocates Headquarters to Stamford, CT: Choyce Peterson Negotiates Long-Term Lease

NORWALK, Conn. -- Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage, recently announced the successful conclusion of lease negotiations on behalf of Renaissance Capital (www.renaissancecapital.com), a global leader in providing pre-IPO institutional research and management of IPO-focused investment products, for a new 2,931 SF headquarters office at First Stamford Place in Stamford, CT. Choyce Peterson Principal John Hannigan and Associate Casey McKnight represented Renaissance Capital in this transaction.

When Renaissance Capital's headquarters lease in Greenwich was set to expire, Bill Smith, President of Renaissance Capital, reached out to Choyce Peterson. Hannigan and the Choyce Peterson team had previously led Renaissance Capital through multiple real estate transactions, including negotiation of their Greenwich lease in 2011. Smith sought to relocate their headquarters to a high-quality building with easy access to I-95 and Metro-North in lower Fairfield County. Additionally, he sought a custom build-out in an office complex with a complete set of high-end amenities to offer his employees.

After touring multiple buildings throughout Greenwich and Stamford, Choyce Peterson solicited proposals from numerous landlords. Ultimately, Smith and his team decided on Stamford's First Stamford Place, and Hannigan and McKnight expertly negotiated a new lease with the landlord, Empire State Realty Trust (ESRT). The three-building First Stamford Place office complex was recently renovated and upgraded and offers its tenants a first-class amenity package with secured covered parking, shuttle to the Stamford Metro-North train station, full-service grille, dining and coffee lounge, fitness center with classes, on-site daycare, and a building conference room and concierge service.

Tenants benefit from the complex's ideal location at I-95's Exit 7 a quarter mile from the Metro-North station, as well as ESRT's industry-leading indoor environmental quality measures that include MERV 13 filters, active bi-polar ionization and increased air filtration for a confident return to office.

Hannigan commented, "We're honored to once again represent Renaissance Capital, an industry titan in the pre-IPO research market and IPO Exchange Traded Funds (NYSE symbol: IPO), for their headquarters relocation. After a thorough search of the market, our proposal negotiations gave the Renaissance Capital team the confidence that a relocation to First Stamford Place was the perfect solution to their office space needs. We appreciated ESRT's partnership during the proposal process."

Smith concluded, "We're so glad to once again work with John and the Choyce Peterson team on this important relocation of our headquarters office. We were unsure if relocating to a different city would work for our company, but John and Casey made the process seamless with their exhaustive research of the local markets and on-point negotiations with ESRT. We're excited to grow our business in Stamford and look forward to establishing new roots for our firm."

The landlord's team on this leasing transaction included Torey Walsh of Newmark Grubb Knight Frank, and Jeff Newman and Kimberly Zaccagnino Perna of Empire State Realty Trust.

About Renaissance Capital

Newly public companies can be great investments, but It's nearly impossible to stay on top of the IPO market. At Renaissance Capital, our team of analysts provide market-leading research and investment products so you can separate the good from the bad and profit from the IPO market.

For over 30 years, Renaissance Capital has been the global leader in researching and trading of IPOs. They offer two NYSE-listed Exchange Trade Funds with over $700 million of assets: the Renaissance IPO ETF (symbol "IPO") and the Renaissance International IPO ETF (symbol "IPOS").

It is the global leader in providing Pre-IPO research for institutional investors. For individual investors it manages the IPO Pro platform, the most comprehensive source for IPO information, easily accessed in one platform.

About Choyce Peterson

Choyce Peterson, Inc., a full service commercial real estate brokerage with offices in Norwalk, CT and Rye Brook, NY, was founded in 1997 and has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions. Learn more at: http://www.choycepeterson.com/.

Related link: https://www.choycepeterson.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Real Estate

Long Island Sound Views: 13,990 SF Office Space Sublease at 383 Main Avenue, Norwalk, CT Represented by Choyce Peterson

NORWALK, Conn. -- Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm, announced they are exclusively representing a 13,990 square foot office suite available for sublease in the MerrittView building at 383 Main Avenue in Norwalk, CT. Choyce Peterson Principal John Hannigan, Vice President Adam Cognetta, and Vice President Charlene O'Connell comprise the brokerage team.

MerrittView offers a full range of amenities which include a newly renovated fitness center and cafeteria, ample covered parking, shuttle service to the South Norwalk and Merritt 7 train stations, 24-hour attended access, and an expansive Executive Conference Room. In addition, the MerrittView building provides a convenient location at Exits 40A/B on the Merritt Parkway and 3 miles to Exit 15 of I-95.

The office space is located on the 7th floor, offering expansive views across Norwalk and Long Island Sound. The recently renovated space incorporates 22 offices and an open area for 34 workstations. There are also three conference rooms, a new kitchen, and if requested, furniture. The sublease term is through September 2025, and the landlord, Empire State Realty Trust, is open to a direct deal as well.

Hannigan commented, "We are pleased to represent a nicely-appointed suite with an abundance of offices and conference rooms; coupled with furniture, this presents a tremendous value for prospective tenants. As a tenant ourselves in the building for over six years, we have experienced first-hand the positive attributes of this professionally run, Class A building which offers top tier amenities with great highway and train access."

About Choyce Peterson

Choyce Peterson, Inc., a full service commercial real estate brokerage and consulting firm with offices in Norwalk, CT and Rye Brook, NY, was founded in 1997 and has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.

Learn more: https://www.choycepeterson.com/property/383-main-ave

MEDIA CONTACT:
John Hannigan
Principal
Choyce Peterson, Inc.
(203) 961-8175
jhannigan@choycepeterson.com
www.choycepeterson.com

MULTIMEDIA:

IMAGE link for media: https://www.Send2Press.com/300dpi/21-0429s2p-MerrittView-300dpi.jpg

Photo courtesy of CoStar with permission from ESRT.

Related link: https://www.choycepeterson.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Real Estate

Choyce Peterson To Represent Three Retail Spaces In The SoNo Collection

NORWALK, Conn. -- Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm, announced that Brookfield Properties has appointed Choyce Peterson as the exclusive listing agent representing three separate spaces at The SoNo Collection, 100 N. Water Street in Norwalk, CT. The mall's tenants include Nordstrom, Bloomingdale's, H&M, Untuckit, Arhaus, EQ3, YardHouse, and Pinstripes Bistro.

Choyce Peterson Vice President Adam Cognetta stated, "We are excited to partner with Brookfield Properties in representing these unique spaces in what has been, and continues to be, a prominent project in Connecticut. These spaces represent high-visibility opportunities for users to leverage strong area demographics, all while benefitting from dedicated entrances. This is truly an unparalleled opportunity to join an impressive tenant roster in a first-class, destination shopping center."

The first retail space is 2,442 SF on well-trafficked West Avenue, with a private entrance accessible via a walkway directly from the road and parking garage. It offers high ceilings and significant signage opportunities. The second space is 3,485 SF on N. Water Street with notable outward-facing window frontage. The third space is 3,625 SF also on N. Water Street with high ceilings, exceptional visibility from the road, and the potential for a dedicated parking area.

All three spaces are available immediately with a build-to-suit option which can accommodate a wide variety of consumer-centric commercial businesses such as entertainment, retail, medical, service, and office. There are dedicated entrances to each of these retail spaces, which do not require the use of the shared mall entrances. This unique shopping site features abundant parking and is easily accessible from Exit 14 off I-95, a major roadway traveled by 129,000 cars daily.

Matthew Seebeck, Senior General Manager of the SoNo Collection responded, "We look forward to working with Adam and the Choyce Peterson team in managing the leasing efforts for these three spaces. We are confident their energy, creative approach, dedication and experience will yield strong leasing activity."

About Brookfield Properties

Brookfield Properties is a fully-integrated, global real estate services company, providing industry-leading portfolio management capabilities across the real estate investment strategies of Brookfield Asset Management - a global alternative asset manager with approximately $600 billion in AUM. Brookfield Properties develops and manages premier real estate with a focus on maximizing the tenant experience in addition to the investment and operational performance of the asset. We also focus on integrating leading-edge real estate technologies which enables us to be at the forefront of innovation and sustainability - benefiting not only our tenants and business partners, but also the communities in which we operate. For more information about our approach to operating and developing best-in-class real estate, please visit brookfieldproperties.com.

About Choyce Peterson

Choyce Peterson, Inc., a full-service commercial real estate brokerage and consulting firm with offices in Norwalk, CT and Rye Brook, NY, was founded in 1997 and has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.

Learn more at: https://www.choycepeterson.com/property/sono-collection

Twitter: @choycepeterson

Related link: https://www.choycepeterson.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Real Estate

5,700 Square Foot Office Space Sublease at 6 Landmark Square in Stamford, CT Represented by Choyce Peterson

NORWALK, Conn. -- Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm, announced they are exclusively representing a 5,700 square foot (SF) office suite available for sublease at 6 Landmark Square in Stamford, CT. Choyce Peterson Vice President Adam Cognetta, Principal John Hannigan and Associate Casey McKnight comprise the brokerage team.

Landmark Square is a seven-building office and retail complex in the heart of downtown Stamford, conveniently located just off Exit 7 of I-95, and nearby the Stamford Metro North Train Station. The Landmark Square complex is attached to the Stamford Town Center mall with a movie theater, dry cleaner and barbershop. Landmark Square has covered parking, a private tenant shuttle to the Stamford Train Station, a 20,000 SF tenants-only fitness facility, and café with both indoor and outdoor seating. It also offers on-site ownership, and full-time security and concierge services.

The 5,700 SF office space is on the third floor and comprises the entire floor of the building at 6 Landmark Square. Thus, a future tenant leasing this space will have dedicated signage in the 3rd floor lobby and private bathrooms. The suite has 8-10 offices, room for 15-25 workstations, and 1-2 conference rooms. In addition, there is a private kitchen and furniture is available upon request. The sublease term is through October 2025, and the landlord, Reckson a Division of SL Green, is open to a direct deal as well.

Cognetta commented, "We are delighted to represent a quality office space within a renown Fairfield County office and retail complex. Landmark Square is perfectly situated within walking distance of countless restaurants and retail stores. With convenient access to both I-95 and the Stamford Train Station, this location appeals to both car commuters, and those who prefer to commute via Metro North. This space would make an excellent new office for any company looking to relocate to a class A building in downtown Stamford."

About Choyce Peterson

Choyce Peterson, Inc., a full service commercial real estate brokerage and consulting firm with offices in Norwalk, CT and Rye Brook, NY, was founded in 1997 and has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.

Learn more: https://www.choycepeterson.com/property/6-landmark-square

Media Contact:
Adam Cognetta
Vice President
Choyce Peterson, Inc.
(203) 961-8173
acognetta@choycepeterson.com
www.choycepeterson.com

Related link: https://www.choycepeterson.com/

This news story was published by the Neotrope® News Network - all rights reserved.