Thirty years after being built, Stamford Square is undergoing a $12 million makeover, changing its marketing focus and saying goodbye to its longtime tenant.
The building at 3001 Summer St. was built and developed by The Ashforth Co. in partnership with GE Capital in 1980 and designed by architect Emory Roth and Sons. GE has remained its primary tenant since day one, but is leaving for new quarters.
“GE had a very tough decision,” H. Darrell Harvey, Ashforth”™s co-CEO, said. “They”™ve had two-thirds of this building on multiple floors for 30 years. They needed to renovate most of their space and were offered a very aggressive deal at 1600 (Summer St.), one of the best deals I”™ve ever seen. Of course we’d rather have them here, but we understand their need to move and are still very friendly with them.”
Stamford-based Benenson Capital offered GE 160,000 square feet over three floors.
Harvey said the two-phase renovation at Stamford Square, now going into the second phase, is designed to upgrade and enhance the building”™s overall image aesthetically, structurally and environmentally.
Designed by Roger Ferris and Partners of Westport, the renovation will implement LEED construction standards and include a modernization and consolidation of the two entrance lobbies, addition of a new elevator system, new bathrooms and tenant common areas, an environmentally friendly and energy efficient HVAC system, enhanced landscaping, new property identity and directional signage and facade enhancements. New amenities include a private shuttle service, a full cafeteria and a modern, high-tech fitness facility.
“Our renovation and amenities program is a thoughtful effort to help transform Stamford Square from what is already considered a Class A property to put it where it belongs as one of the premier office properties in Stamford,” Harvey said.
Offering balanced but valuable amenities and seeking to improve the quality of life for those who call the property their corporate home is part of standard operating procedure in today”™s commercial market, he said.
“Our tenant”™s workflow, productivity and success is directly tied to our own success. We want them doing their best work.”
Ashforth has planned to complete the renovations this spring.
“There”™s strong confidence in the long-term vitality of the Stamford commercial real estate market,” said Andrew B. Ashforth, co-CEO of the company and CEO of A.P. Construction, which is renovating 1600 Summer St.
The space GE is moving into was recently vacated by Stamford-based Purdue Pharma.
Harvey said losing their major tenant is not as daunting a situation as it may sound; Stamford has proven itself to be the heavyweight of commercial real estate in Connecticut”™s wealthiest county and interest has already begun to pour in. Accounting titan KPMG and Genworth Financial insurance company have both renewed their leases at Stamford Square this past quarter.
Jack Condlin, president of the Stamford Chamber of Commerce said as more anchor tenants, and national companies come to the city, the top tier of small and medium-size business-to-business service professionals will be looking for space reflective of business quality, rather than size.
“When large tenants move in there is a large rippling effect of smaller tenants who come in and provide needed services to the larger businesses,” Condlin said. “It”™s still a difficult market but in terms of timing this could be perfect positioned for the expanding business community here.”
Ashforth said the original design of the building allows for a very adaptable structure, appealing to businesses that know the advantage of being able to expand or shave square footage as needed.
“We have 45,000 per floor square plates here that can be broken down into divisions as small as 5,000,” he said. “Being able to give a rare 45,000 on one floor, or stack 20,000- square-foot areas on top of each other is a real advantage and very appealing for prime professional tenants. This building is tremendously flexible, with room to scale up or down.”
According to Jones Lang LaSalle, which handles leasing for Stamford Square, after the renovations the property will be offered at rents less than $40 per square foot. Stamford Square currently has approximately 40,000 square feet of available space and an additional 160,000 square feet upon the departure of GE Asset Management.
Harvey said there has been interest from a number of tenants looking at Stamford Square from within in the city as well as other municipalities and from across the border in Westchester County.
“GE hasn”™t moved out yet so we can”™t exactly move anyone in yet,” Harvey said. “We”™re very anxious to start working with our new tenants. All of a sudden this building is taking on a whole new persona.”
