STAMFORD, CT, January 31, 2011
/24-7PressRelease/ -- Choyce Peterson Inc (www.choycepeterson.com), a commercial real estate brokerage and consulting firm, today announced it has updated its "Silhouette Study," a graphic illustration of available space in the Stamford, Greenwich and Norwalk Class A office markets.
Originally published as of mid-year 2010, the study provides a summary of the real estate market by graphically illustrating available space for the largest buildings in each city in a 24-by-36 inch glossy poster. The year-end 2010 version facilitates a comparative analysis of vacancies, and subleases in both specific locations and cities as a whole.
Alan Peterson, Principal of Choyce Peterson, said, "Our original Silhouette Study captured the 'feel' of each market as a whole by showing details of its buildings. Now the year-end revision gives area tenants a sense of how the market is evolving over time. This information is extremely valuable in determining the timing of commercial real estate renewals and relocations as well as the amount of leverage available in negotiations with a landlord."
Mr. Peterson went on to note some of the overall changes in the Stamford, Greenwich and Norwalk markets (see Study Highlights below).
John Hannigan, Principal of Choyce Peterson, observed, "Available sublease space, indicated in blue on our Study, indicates situations where landlords and sublandlords may be competing to attract new occupants, and incentives to sign such as free rent and tenant improvement allowances may be more easily secured. When combined with our 'yellow' graphic, depicting available space directly from the landlord, it gives a dynamic visual of what's going on in the Lower Fairfield County commercial office market."
Study Highlights
Highlights over the past six months in each city include:
GREENWICH:
55 Railroad Ave. -- 11,702sf available for sublease
100 West Putnam Ave. -- 32,000sf available
777 West Putnam Ave. -- 44,000sf leased to Marc Fisher in a relocation from 5 Greenwich Off. Pk.
STAMFORD:
1 Harbor Point -- 66,000sf leased to Louis Dreyfus Highbridge Energy in a relocation from 20 Westport Road, Wilton
333 Ludlow St. -- 56,517sf has been leased to numerous tenants who are relocating within the building due to Starwood's relocation to the building
120 Long Ridge Road -- 56,000sf leased to Statoil in a relocation from 1055 Washington Blvd.
1600 Summer St. -- 158,000sf leased to GE Asset Mgmt. in a relocation from 3001-3003 Summer Street
3001-3003 Summer St. -- 201,833sf available due to GE Asset Mgmt.'s pending relocation to 1600 Summer St.
201 Tresser Blvd. -- 25,000sf leased to Rockit in a relocation from 333 Ludlow St.
301 Tresser Blvd. -- 46,062sf leased to W.R. Berkley
NORWALK:
800 Connecticut Ave. -- 32,000sf became available
45 Glover Ave. -- 38,000sf subleased by Hewitt to Bridgewater
150 Glover Ave. -- 236,000sf taken off market by Covidien
501 Merritt 7 -- 49,069sf lease renewal by Arch Chemical
About Choyce Peterson
Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm, was founded in 1997 and includes offices in Stamford, CT and Rye Brook, NY. The company has negotiated millions of square feet of transactions, spanning 43 states and Canada, primarily for clients based in Fairfield and Westchester County. The Choyce Peterson process delivers creative and comprehensive real estate solutions to help clients derive maximum value from their real estate decisions.
Principals John Hannigan and Alan Peterson offer more than 50 combined years of real estate experience. Prior to joining Choyce Peterson, Mr. Hannigan worked for the former Rostenberg-Doern Company and specializes in the Fairfield/Westchester County region. He has won numerous real estate awards during his 20-year career. He holds a degree in marketing from Fairfield University.
Alan Peterson previously served as a Principal of the former Rostenberg-Doern Company and Director of Commercial Real Estate for Champion International. He has worked with major corporations including Pepsi Beverages Company, GTE, Mercedes-Benz Credit Corporation, James River Corporation and Cendant Corporation. Mr. Peterson holds an undergraduate degree in accounting and a graduate degree in finance.
To order a copy of Choyce Peterson's latest Silhouette Study, please call 203-356-9600; email info@choycepeterson.com; or write to Choyce Peterson, 2001 West Main Street, Stamford, CT 06902.
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