Grand Opening Celebrated at Newest Office Tower in Fairfield County, CT- 901 Main Avenue, Norwalk

Norwalk-based Building and Land Technology recently celebrated the grand opening of a new eight-story Class A+ office building located at the intersection of the Merritt Parkway and Route 7 in Norwalk, CT. The building is one of the only new office building developments in the suburban metropolitan New York region. Already 47% pre-leased to two large companies, 901 MAIN AVENUE is the third and final office building at The Towers in Norwalk.

901 MAIN AVENUE consists of 360,000 square feet with an elegant granite and glass exterior, a gracious lobby, a landscaped plaza with abundant free covered parking and an executive/guest drop-off area. The building has state-of-the-art telecommunications capability, on-campus property management and a 24/7/365 security system and guard service. As part of The Towers, it has proximity to an adjacent Metro North railroad station and immediate access to the Merritt Parkway, Route 7 Connector and I-95.

The Towers consists of 900,000 square feet in three Class A+ office buildings. The first two buildings are leased in their entirety to Diageo North America, Inc. (NYSE: DEO), the world’s largest drinks company, and to Hewitt Associates (NYSE: HEW), one of the world’s largest outsourcing and consulting companies. Diageo’s building at 801 Main Avenue is a 290,000 square foot Class A+ office building which was completed in February 2005. Hewitt’s building at 1001 Main Avenue is an existing 250,000 square foot Class A+ building which was completed in 2001.

Two floors of 901 MAIN AVENUE totaling 87,000 square feet are pre-leased to General Electric Capital Corp., a global diversified financial company with assets of approximately $500 billion that serves businesses and customers in 47 countries. The company is a subsidiary of General Electric Company (NYSE: GE), one of the world’s most admired companies. Part of two other floors of the building totaling 83,300 square feet are pre-leased to Carlson Marketing Group, a subsidiary of Carlson Companies, a global leader in the marketing, travel and hospitality industries, which is ranked as among the largest privately held corporations in the United States. Carlson Companies employs approximately 190,000 people in more than 140 countries and includes brands and services such as Carlson Marketing Group, a world leader in Relationship Marketing, Peppers & Rogers Group, Radisson Hotels and Resorts, Regent International Hotels, TGI Friday’s and Radisson Seven Seas Cruises, among others.

Demand for 901 MAIN AVENUE is expected to be strong as the trend continues for many area companies which have recently chosen to re-locate to, or expand within, Norwalk in search of easy access for their employees. Included among them are Vertrue Inc.’s Corporate Headquarters (2nd Quarter 2006), General Electric Capital Corp., FactSet Research System’s Corporate Headquarters, Marsh, Inc., Diageo’s North American Corporate Headquarters and Hewitt Associates’ Regional Headquarters. Each of these companies is now among the city’s largest corporate employers.

Immediately adjacent to the campus is the award-winning Merritt on the River, a 230,000 square foot historic renovation of the former Caldor Headquarters building and Merritt River Apartments, an eight-story luxury apartment complex containing 227 units. Totaling 1,450,000 square feet, these projects are situated between the successful Merritt 7 Corporate Park which contains approximately 1,400,000 square feet, the Merritt Parkway and the Route 7 Connector.

A full-service, second-generation real estate development company, Building and Land Technology has developed or owned over $1 billion of real estate including over 2,000,000 square feet of office space, 2,500 apartments and condominiums and 500 single family homes.

For additional information, please contact Douglas A. Bora, Jr. of Building and Land Technology at either 203-846-1900 x26 or e-mail at doug@bltoffice.com.

Merritt 7 Corporate Park the Most Widely Recognized Office Complex in Fairfield County

Merritt 7 Corporate Park is the most widely recognized office complex in Fairfield County consisting of 1.4 million square feet of Class-A office space. It offers a premier location with direct access to the Merritt Parkway at exit 40B and the Route 7 Connector to I-95. The campus-like setting features exceptional values and efficiency through a dedicated on-site management team. The property offers tenants technologically advanced infrastructure, an on-site transportation hub, including train station, two shuttle services and bus depot, ample parking and an amenity package that includes a fitness center, state of the art conference center, two full-service cafeterias, sundry shop, car rental, ATM concierge service, dry cleaner and car detailing. The Merritt 7 tenant roster includes General Electric Capital Corporation, FactSet Research, Financial Accounting Foundation (FAF), Kodak, LaSalle Bank, Marsh USA, EMCOR, Merritt Hospitality, Siemens Business Services, Inc., ABB Inc, Webloyalty.com, InBev, Kaiser Foundation Health Plan, Inc., IPSOS, Arch Chemicals, Inc., and Applera Corp. For more information on Merritt 7 visit www.merritt7.com

Norwalk Among Top Rated Cities in U.S.

AAA from all Three Major Rating Firms
This past summer, Norwalk received AAA on its financial report card when all three principal credit rating agencies, Standard & Poor’s, Moody’s and Fitch, gave Norwalk the highest rating possible for its municipal bonds. The City shares this distinction with the U.S. government and only 32 other cities in the nation, making Norwalk one of the strongest cities financially in the U.S.

The AAA rating is based on several criteria, including a City’s sound financial performance, low debt burden and sizeable and diverse tax base. The rating allows Norwalk to borrow money at a lower interest rate, facilitating various capital improvements, including $70 million slated for the City’s share of school-related projects.

The top bond rating underscores what business leaders and area residents already know, that Norwalk is a vibrant retail, corporate and tourist center in Fairfield County. It is an attractive place to invest and do business with many regional and corporate headquarters and numerous manufacturing companies. Norwalk is home to such diverse companies as Diageo, Hewitt Associates, General Electric Commercial Finance, FactSet Research Systems, Northrop Grumman Norden Systems and Virgin Atlantic Airways. In recent years, Norwalk’s office vacancy rate has remained low and the City has led the County in terms of leasing velocity.

Stolt-Nielsen Transportation Group Relocates to Norwalk

Earlier this year, Stolt-Nielsen Transportation Group relocated its corporate headquarters and approximately 100 employees to 29,000 square feet of space at RiverPark, 800 Connecticut Avenue, Norwalk. Stolt-Nielsen Transportation Group is an operator of tanker ships that transports chemicals. Stolt-Nielsen Transportation Group’s parent company, London-based Stolt-Nielsen S.A., is a leading global provider of transportation for bulk liquid chemicals, edible oils, acids and other specialty liquids. The company operates parcel tanker, tank container, terminal, rail and barge services. RiverPark, a 412,000 square foot commercial office building, includes the corporate headquarters of Hitachi Capital America Corporation, Priceline.com Inc; Octagon; The Interpublic Group of Companies and Belvoir Media Group LLC.

Paychex to Move to Norwalk

The local office of Paychex Inc. will move to 800 Connecticut Avenue in Norwalk before the end of calendar year 2005. Presently occupying 13,400 square feet of space, the company plans to relocate 70 employees to 24,000 square feet of commercial space at RiverPark. Paychex Inc. expects to expand their operations at their new Norwalk location as the company implements their growth plans.

Velocity Sports & Entertainment Headquarters Arrives in East Norwalk

Velocity Sports & Entertainment relocated its corporate headquarters and approximately 90 jobs to 33,700 square feet of space at 230 East Avenue which is located within close proximity of the East Norwalk Railroad Station. The company expects to increase their work force by an additional 25 employees per year for the next few years. Velocity Sports & Entertainment assists their client companies to carry out sponsorship activities related to sports. The company is part of Aegis Group PLC, a British marketing services company.

Reed Putnam Urban Renewal Project Advances

Under the auspices of the Norwalk Redevelopment Agency, the City has advanced the Reed Putnam Urban Renewal Project, the largest urban renewal effort in the City’s history which provides solid economic underpinnings to the redevelopment of South Norwalk. Over one-half of the Project is already complete and remaining portions of the project are advancing steadily.

Maritime Place LLC has restored the historic Lock Building, located at the corner of Water and Marshall Streets, into a commercial office building that attracts a variety of business tenants. In addition, Maritime Place LLC and the City of Norwalk developed the Maritime Garage, a 727 car parking garage which also houses ten luxury residential units and ancillary retail as well as commercial space. The Maritime Garage provides ample parking for the 500,000 plus visitors who frequent the Maritime Aquarium at Norwalk on an annual basis. Shovels are in the ground and construction is well underway for the Maritime Yards development, located on Parcel 3 and immediately north of the new Maritime Garage. Maritime Place LLC is constructing 197 units of housing, including 20 affordable units, as well as 40,000 square feet of ground floor commercial and retail space. It is one of Norwalk’s prime examples of transit oriented development and will continue to attract companies to Norwalk and solidify the revitalization of South Norwalk.

Over one million square feet of activated commercial development is slated for the area immediately south of the I-95/Route 7 interchange. One of Norwalk’s key advantages is its transportation access – it is the first Connecticut community, coming up the line from Greenwich, that has both north-south and east-west access within Fairfield County which places the City in a strategic position for future economic growth, particularly at this location.

SoNo Works Its Way Southward

Chocopologie by Knipschildt Chocolatier

Norwalk Mayor Richard Moccia attended the grand opening of Chocopologie by Knipschildt Chocolatier located at 12 South Main Street. At this location, premier Chocolatier Fritz Knipschildt offers handmade retail products and features the hand making of chocolates and confections.

West Avenue Plans Move Forward

The Norwalk Redevelopment Agency is in the final stages of completing the West Avenue Redevelopment Plan. This Plan seeks to strengthen Norwalk’s retail base and expand its diversified housing inventory.

Wall Street Revitalization Proceeds

The Norwalk Redevelopment Agency is working with POKO Partners LLC and MF DiScala and Company to revitalize the Greater Wall Street Area. Their plans call for a mix of high density residential and retail development to revitalize this once thriving historic downtown center of Norwalk.

 

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