Morgan Stanley is combining its Westport offices by moving to 500 Post Road East. Following the financial firm’s acquisition of Smith Barney in 2009, Stanley had been operating at 320 Post Road West and at the Nyala Farms Corporate Center at 200 Nyala Farm Road.
The new location, formerly the headquarters of Terex Corp., was acquired by Fred R. French Investing in 2012 for $9 million, after which it underwent extensive remodeling including the installation of solar power panels. According to President Timon Malloy, the $5 million renovations also included converting the slanted roof to a flat one, replacing all the windows with more energy-efficient ones, introducing a fresh air generating system and increasing insulation.
“It’s gone from being very energy-inefficient to being probably one of the most energy-efficient office buildings in Fairfield County,” Malloy said.
Morgan Stanley will occupy 26,000 of the building’s 38,000 square feet, including all of the third floor and one-half of the second floor. The building’s other tenant is AXA Advisors. Malloy said there is room for another two businesses on the second and ground floors.
He said that Morgan Stanley will move about 90 employees to the building starting next week.
Terex Corp., the world’s third-largest manufacturer of construction and mining equipment, moved to the Nyala Farms Corporate Center in 2006.