Robust Leasing Activity Continues at 700 Canal Street in Stamford

Stamford Plus, 2/4/2014

By CBRE Group's Westchester/Connecticut

STAMFORD, CT – CBRE Group’s Westchester/Connecticut office recently announced four 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 nearing completion.

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, “The past month has proved to be an incredibly active leasing period at 700 Canal Street. These new leases are further testament to the property’s loft-style office space and prime location in Stamford’s vibrant Southend.”

The largest transaction arranged by CBRE was a long-term lease for 3,392 square feet of office space by KSL Capital Partners, a private equity firm. In addition, asset management firm Hildene Capital Management committed to 3,244 square feet of space, while oil products supplier Monjasa and Harbor Square Capital Management, a start-up hedge fund, took 2,560 square feet and 1,490 square feet, respectively.

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. Upgrades to the building’s corridors, bathrooms and mechanical systems were recently completed and the CBRE team anticipates improvements to the state-of-the-art glass lobby, building exterior, outdoor patio and parking areas will commence this spring.

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.