Advanced Therapy and Performance has signed a lease for 12,060 square feet at a Simone Development property in Stamford, Connecticut.
The deal with the physical therapy provider brings the 116,500-square-foot building at 316 Courtland Avenue to 94 percent occupancy, with 6,000 square feet of office space remaining.
“Simone Development really took a creative approach in adapting to what the market brought and has transformed the building into a unique asset,” Kevin Langtry of Newmark, who represented the landlord.
Franco Fellah of HK Group II represented the tenant.
The space features ceiling heights from 12 to 25 feet and parking. It is a mile from I-95 and a half mile from the Glenbrook train station.
Though retail transactions have generally slowed, some retailers have followed residents to the suburbs. Residential sales in Connecticut have skyrocketed during the pandemic.
For single-family homes in Greenwich, 200 transactions closed in the first quarter of 2021 — a 316 Courtland Avenue increase from 103 during the same period in 2020.
In other parts of the tristate area, the issue has been not vacancies, but businesses’ inability to keep up with demand. In the Hamptons, where the year-round population has swelled, retailers have struggled to find workers and space.