NORWALK, CT – March 12, 2010 – Albert D. Phelps, Inc., the managing and leasing agent for Merritt 7 Corporate Park in Norwalk, today announced the completion of three lease renewals totaling 27,266 square feet at the 1.4 million-square-foot, six building office complex.
- Eurpac Service Incorporated, a distributor and retail representative of exceptional brands, leased 9,091 square feet for a six-year term on the seventh floor of Building 101. The company renewed its lease of 7,723 square feet and took an additional 1,368 square feet. Eurpac has been a tenant at Merritt for more than 20 years. George Walker of Jones Lang LaSalle represented Eurpac.
- Ameriprise Holdings, Inc. renewed its lease for 8,811 square feet for 5.5 years on the first floor of Building 501. Ameriprise has been a Merritt 7 tenant since 2005. Tim Donohue of CBRE represented the tenant.
- ABB extended the term of its lease for a 10,732 square foot portion of its space on the fifth of Building 501. Paul Kauffman and Frank Brown of Cushman & Wakefield represented the tenant.
“As a Merritt 7 tenant since 1994, ABB has long history with the landlord. This relationship combined with the professional service and well-maintained property has certainly played an important role in our long-term tenancy at Merritt 7,” said Andy Karlbergs, director of corporate real estate at ABB Inc. “The experience here has been nothing short of positive.”
“In today’s market, tenants recognize the importance of occupying space in a high-quality building with financially stable ownership and strong management,” said Walter Lazarcheck, Chief Financial Officer of Eurpac. “We’ve been at this property for 20 years and have forged an especially strong relationship with the property manager. That peace of mind is an especially important factor.”
“ABB, Ameriprise, and Eurpac have been valued, long-term tenants at Merritt 7, so it was extremely important to retain them at our property,” said JoAnn Brennan McGrath, director of leasing at Merritt 7. “Merritt 7 management takes pride in the quality of our trophy buildings, and tenant renewals reaffirm our success in maintaining that standard.”
Merritt 7 Corporate Park offers several leasing opportunities for tenants looking for high quality space at a great location. There are currently full floor units available in Buildings 301, 401 & 501 as well as several smaller units ranging from 1,000 square feet to 7,500 square feet.
“We’re delighted that we were able to accommodate the space requirements of these valued tenants and that the transactions were negotiated in a seamless fashion,” said Katie Vaz, Vice President of ING Clarion Partners LLC. “Retaining our tenant base is especially rewarding as it reflects both the success of the tenants’ businesses and the success of Merritt 7’s commitment to those companies.”
Merritt 7 has undergone significant renovations and is continually upgraded with capital improvements. Tenant amenities include two dining facilities, a state-of-the-art conference center, and fitness center. Merritt 7 is accessible to the Merritt 7 Metro North station and is in close proximity to major highways and area amenities. Major tenants include Arch Chemicals, Inc., EMCOR, FactSet Research, Financial Accounting Foundation (FAF), General Electric, HEI, IPSOS, Kaiser Foundation Health Plan, Inc., Marsh USA, Siemens, and Webloyalty.com.
Merritt 7 has been widely recognized for its energy conservation efforts. Highlights of the achievements and awards received include LEED EB Silver certification by USGBC for Building 401 and EPA’s ENERGY STAR rating.
Merritt 7 Corporate Park is owned by Merritt 7 Venture, L.L.C., a joint venture between New York State Teachers’ Retirement System (NYSTRS), and Fairfield Investors Inc. ING Clarion Partners, LLC, a leading real estate investment manager, offering a wide range of strategies, products and services to meet the real estate objectives of institutional and individual investors, is the asset manager on behalf of NYSTRS.
About ING Clarion Partners
Founded in 1982, ING Clarion Partners and its affiliates manage $43 billion in assets in the private equity, public equity, and public debt sectors of the real estate markets. ING Clarion is the Americas arm of ING Real Estate Investment Management, one of the world's leading real estate investment managers with global assets under management of more than $93 billion and operations in 21 countries. ING Real Estate Investment Management is part of ING Group, a global financial institution offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries. More information about the firm is available at www.ingclarion.com.
About Merritt 7 Corporate Park:
Merritt 7 Corporate Park is one of the most widely recognized office complexes in Fairfield County. It offers a premier location with direct access to the Merritt Parkway at exit 40B and the Route 7 Connector to I-95. The campus-like setting features exceptional values and efficiency through a dedicated on-site management team. The property offers tenants technologically advanced infrastructure, an on-site transportation hub, including train station, two shuttle services and bus depot, ample parking and an amenity package that includes a fitness center, state of the art conference center, two full-service cafeterias, sundry shop, car rental, ATM concierge service, dry cleaner and car detailing. For more information on Merritt 7 visit www.merritt7.com
