Fresh look and new amenities pay dividends, attracting significant interest from diverse group of tenants
Following the completion of significant capital improvements,The Davis Companies announced that it has executed approximately 27,600 square feet of new leases with non-profits, tech tenants and consumer goods manufacturers at 40 Richards Avenue in Norwalk, CT, a 146,000 square foot office building located off of I-95 along the Connecticut Turnpike, proximate to a variety of retail and restaurant destinations. Among the tenants executing new commitments at the building are:
Fairfield County Community Foundation, a local organization that promotes philanthropy as a means to create change in Fairfield County, focusing on innovative and collaborative solutions to critical issues impacting the community, signed a long-term 10,760 square foot lease with TDC. The Community Foundation moved into their new space in June 2017.
Potoo, an e-commerce software firm, is recommitting to the building by extending its lease and expanding its existing space to occupya total of 9,791 square feet inNovember 2017. The firm was represented by Colin Reilly of CBRE in this transaction.
L’Amy Inc., a leading fashion accessories provider, signed a long-term 7,125 square foot lease with TDC, and will occupy their new space in December 2017. L’Amy Inc. was represented by John Hannigan of Choyce Peterson in the transaction.
TDC’s improvements to the property, paired with the creative office spaces they’ve built for existing tenants, played a major role in attracting 40 Richards Avenue’s newest tenants, and retaining those currently occupying space in the building.
“We are always looking at new ways to add value to our buildings and improve the tenant experience,” said David Allen, Vice President of Asset Management at The Davis Companies. “These new leases affirm that our work is resonating within the market, and that the existing tenants are exceptionally pleased. We are proud to provide our new tenants as well as the entire Norwalk community with a vibrant facility for its businesses to thrive.”
TDC purchased the property in July 2013, immediately executing a substantial capital improvement plan to add to the uniqueness and vibrancy of both the common and tenant spaces. Improvements to the building included an upgraded and expanded cafeteria; a new fitness center; a new visitor parking area; upgraded lighting throughout the building to complement and enhance the existing natural light; enhancements to the bathrooms on all six floors; and improvements to the 4th and 6thfloor common areas. TDC also introduced a new complementary shuttle service to transport employees to and from the South Norwalk Train Station.
“Creating an environment that fosters collaboration within our team, with other nonprofit organizations throughout Fairfield County, and is representative of what Fairfield County’s Community Foundation stands for were important criteria for selecting our new office. At our new location, we were able to create that space that supports the nonprofit community we value so highly with training areas, conference rooms and an interactive atmosphere,” states Juanita James, CEO and president, Fairfield County’s Community Foundation. “This move has also brought the Community Foundation back to its original roots as we started out in this very same building twenty-five years ago.”
“As Potoo continues its mission to protect the world’s most valued brands in the online marketplace, increasing space to hire is vital to support our hyper growth,” said David Veber, Principal at Potoo. “Potoo started at 40 Richards Avenue in the Regus Business Center two years ago, and will now have the capacity to hold our entire team of 75 employees in the same building, allowing us to focus on our business and become one of Connecticut’s fastest growing technology companies.”
“As a leading fashion accessories provider, creativity and collaboration are key components to our business’ success. We look forward to moving into our new space at 40 Richards Avenue, which will allow us to grow in an environment that is both innovative and inspiring,” said Stephen Rappoport, CEO and President of L’Amy America.
TDC is well-known for its repositioning expertise, which has attracted top companies to office buildings across the Eastern U.S. Among the numerous repositioning projects that TDC has completed in its 41-year history are: The Westport Center for Health, a 38,000 square foot, Class-A medical office campus that represents the largest collection of medical providers in Westport, CT; 67 South Bedford Street in Burlington, MA, a four-story, 176,886 square foot office building; One Cabot Road in Medford, MA, a four-story, 308,954 square foot building just four miles from Boston; The Xchange at Bedford, an eight-building, approximately 475,000 square foot campus in Bedford, MA, and the 460,000 square foot Union Trust Building in Pittsburgh, PA.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
