Indeed inks 124K sf lease in Stamford

The flight to quality has landed in Stamford.

Software giant Indeed has inked a 124,000-square-foot lease at The Link, a renovated Class A office complex in downtown Stamford owned by AM Property Holding Group and NorthEast Capital Group.

The company will relocate its Stamford headquarters next year to the 560,000-square-foot complex at 200 Elm Street from a nearby building. Indeed also has a headquarters in Austin, Texas.

The average asking rent for the Connecticut complex is $55 per square foot. The property recently underwent a $50 million renovation that includes a 9,000-square-foot fitness center, a golf simulator, and outdoor space with fire pits, pergolas and a putting green.

The lease signing comes at a time when the office sector in Fairfield County is struggling, with an availability rate of almost 26 percent, according to a recent Newmark report. But that’s a slight improvement from 28 percent a year ago.

Indeed is one of the county’s largest tenants, the report says, and will be shrinking its footprint from 200,000 square feet.

The Links also scored recent lease renewals from consumer goods maker Henkel, for 84,000 square feet, and beverage company Diageo, for 58,000 square feet, according to a press release from JLL, the broker for the landlord. 

A JLL team led by Gil Ohls and Matthew Felice represented the owner in the deals. A CBRE team including Ned Burns and Chris Mansfield represented Indeed. CBRE’s Colin Reilly and Alex Hayden represented Henkel. JLL’s Drew Saunders represented Diageo.

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