The Real Deal New York

Westchester & Fairfield Cheat Sheet: Financial services firms lead Stamford office rebound, 175-townhouse development planned for Greenburgh … & more

By James Klatell | January 31, 2018 05:00PM

Henkel’s ribbon cutting ceremony in Stamford, financial services firms boosted Stamford’s office market, and the former Elmwood Country Club in Greenburgh.

Stamford picks up the slack in the Fairfield County office market
A strong close to 2017 for the Fairfield County office market was a decided improvement from the sluggish first half of 2017, with approximately 1.5 million square feet of leasing activity by financial services firms in the fourth quarter, a CBRE report found. Availability rates dropped to 24 percent from the third quarter, while average asking rents slipped slightly to $31.59. Strong quarters in Greenwich and the Stamford business district, which accounted for 34.4 percent of the leasing in the fourth quarter, counteracted slower pace in the rest of the county. [CBRE]

Plans filed for 175 townhouses at former country club in Greenburgh
Ridgewood Real Estate Partners plans to build a community of 175 townhouses for people 55 and older on the grounds of the former Elmwood Country Club in Greenburgh. The New Jersey-based developer bought the 106-acre property for $13 million last summer and submitted plans to the Greenburgh Town Board on January 23. However, Ridgewood executives have expressed concern over tax legislation being pursued by the town that would tax new condo and townhouse developments at a higher rate than single-family homes. [WBJ]

Henkel opens new R&D centers in Stamford and Trumbull
Consumer goods company Henkel continued its expansion in Connecticut with the opening of research and development facilities in Stamford and Trumbull. The new 24,000-square-foot lab in Stamford is at 200 Elm Street, the same property as Henkel’s North American headquarters. In Trumbull, Henkel will use the 27,000-square-foot facility to work on laundry products. Henkel’s arrival was the largest relocation to Stamford in 2017. [Stamford Advocate]

Company plans to build a “living building” in Norwalk
Metroflor, a luxury vinyl flooring company, wants to tear down its offices in Norwalk and build an “innovation campus” that will be among the most environmentally friendly structures in the U.S. According to plans submitted to the Norwalk Planning and Zoning Commission, the new building would have 24,000 square feet of office and research space, as well as living space for Metroflor’s visiting artists. The company plans to earn the “Living Building Challenge” certification from the International Living Institute, which carries stricter renewable standards than the LEED Platinum label. [The Hour]

Retail complex in Westport sold for $28M
CapFor Westport, managed by Forstone Capital in Darien, sold the three-building retail complex on the Post Road in Westport for $28 million. The buyer is AP 1365 Post Road East Westport, an LLC based in Charlotte, North Carolina. Anchored by a Balducci’s Food Lover’s Market, the property has 50,795 square feet of space. CBRE represented both the buyer and seller. [FBJ]

Developer proposes new medical building in White Plains
The Keeler Markwood Group pitched the White Plains Common Council on a plan to build a 10,000-square-foot medical office building on Chester Avenue near the White Plains Hospital, the Westchester Business Journal reported. Currently the two neighboring lots are occupied by homes that have been converted into law offices. Keeler Markwood Principal Sam Dickinson told the Westchester Business Journal that he chose the site for “the opportunity to build something that is brand new, and allow people to be close to the hospital if they want to be.” [WBJ]