The Real Deal New York

Posts Tagged ‘urban and industrial site reinvestment tax credits’

  • After closing a blockbuster deal to relocate Starwood Hotels & Resorts from its White Plains headquarters to Stamford, Conn., outgoing Stamford Mayor Dan Malloy said the deal may be the first of several announcements over the next few weeks.

    “We have deals that could be announced literally any day,” Malloy told The Real Deal.

    Connecticut Governor M. Jodi Rell said this week that Starwood signed to relocate its corporate headquarters to a 250,000-square-foot space at Stamford’s new Harbor Point development at 333 Ludlow Street by January 2012. Starwood will team up with its new landlord, Building and Land Technology, to renovate the new space at a price of $40 million.

    Starwood will save 20 percent in rent at its new headquarters, but officials declined to comment on specific prices. Existing tenants at the site include Deloitte & Touche and Pitney Bowes. According to a second-quarter report by Cushman & Wakefield, the average asking rent for Class A office space was $48.36 per square foot in downtown Stamford and $38.71 per square foot in the rest of the city. [more]