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July 31, 2024

Following $50M in renovations, Stamford office building inks 5 new leases, pushing occupancy rate to 92%

Costar The Link office building, 200 Elm St., Stamford.
By Hanna Snyder Gambini

The Link office building in Stamford has secured new leases or renewals for more than 300,000 square feet of space driven, in part, by a stronger return-to-office effort, the landlord and broker said.

Commercial real estate firm JLL said it has brokered five lease deals following $50 million in upgrades to the Stamford office building at 200 Elm St. and 695 East Main St.

The deals have increased the 560,000-square-foot property’s occupancy rate to 92%, with 46,000 square feet of space still available, JLL said. 

Owner AM Property Holding Group and NorthEast Capital Group said the investment in the property aims to capitalize on employers’ return-to-work strategies by creating “high-quality space and robust amenities.”

JLL Managing Director Gil Ohls and Executive Vice President Matthew Felice served as exclusive leasing agents for The Link and represented the landlord in all of the recent deals.

New leases include a 124,180-square-foot lease by Indeed, the global job matching and hiring platform, to relocate from 177 Broad St., in late 2025. The company’s new global co-headquarters will house primarily sales and client success teams in custom space built out across The Link. Indeed was represented by CBRE’s Ned Burns, Chris Mansfield and John Nugent.

Henkel, a global manufacturer of consumer and industrial brands, signed a renewal for a reconfigured 84,000-square-foot space with CBRE brokers Colin Reilly and Alex Hayden.

Diageo, the London-based beverage brand that moved to The Link in 2021, signed an early renewal for 57,550 square feet. It was represented by JLL’s Drew Saunders.

Tax, assurance, and consulting firm RSM also signed a long-term renewal to stay at The Link in a 24,000-square-foot space. Richard Schuham and Connor Monahan of Savills represented RSM.

Ascot Group, the global specialty insurance company, renewed its 23,944-square-foot lease after initially signing a short-term deal in 2020. CBRE’s Ned Burns represented the tenant.

Greenwich-based Locus Design Collaborative worked on the renovations of The Link,  which included new outdoor space with firepits, pergolas, a bar and grill, and putting green.

The landscaping was redesigned by Allan Broadbent Design Studios to accommodate outdoor seating, entertainment areas and a vegetable garden that feeds the 20,000-square-foot full-service cafeteria.

JLL’s second quarter office market report for Fairfield County shows that net absorption turned positive at mid-year 2024, driven by an increase in leasing activity within Class A office buildings.  Roughly 650,000 square feet of leasing activity was recorded during this period, an 87% increase quarter-over-quarter, JLL said.

As of the first quarter of 2024, the office vacancy rate for Fairfield County was 23.1%, according to real estate company Newmark Group, while Stamford had an office vacancy rate of nearly 25.7%


 

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