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South End Property’s Distinctive Workspaces, Amenities Fuel Steady Demand
STAMFORD, Conn., May, 20, 2021 — With 11 office leasing transactions – including new leases, renewals and expansions – over the past 12 months, 700 and 850 Canal Street in Stamford continue to see steady interest from prospective tenants, according to the properties’ joint venture ownership. With the support of exclusive office leasing agent Cushman & Wakefield, Gottesman Real Estate Partners and Mountain Development Corp. have inked more than 33,000 square feet in transactions at the sister properties in a challenging, pandemic-compressed market.
Located in the heart of Stamford’s up-and-coming South End district, 700 and 850 Canal Street offer modern, loft-style workspaces and access to a full range of lifestyle amenities in a distinctive campus setting. According to Gottesman Real Estate’s Kevin Byrd, vice president, this appealing work/play environment has been central in maintaining the steady activity that has reduced the buildings’ remaining combined availability to 23,000 square feet.
Most recently, this spring, cross-fitness-style gym Madabolic signed a new lease for 3,760 square feet at 850 Canal Street, while long-time tenant Gainline Capital Partners renewed and expanded its offices to 4,620 square feet at 700 Canal. Earlier this year, Shumway Capital Partners signed on for 3,225 square feet at 700 Canal. Other new tenants taking occupancy in recent months include Connecticut Green Bank and Province at 700 Canal, where Arccos Golf renewed its commitment. New additions at 850 Canal include a Golftec indoor hitting range and Cornell Veterinary Services, with StoneX Group renewing and expanding at the building.
“The success of these properties within the current office real estate climate speaks to both the desirability of the location and this established ownership’s responsiveness to meeting tenant needs,” said Cushman & Wakefield’s Brian Scruton, who heads the leasing assignment with William Montague of the commercial real estate services firm’s Stamford office. “These recent transactions involve long-time Stamford-based companies, tenants that have moved into the South End from nearby suburbs – including Greenwich – and even a satellite office for a New York City-based firm.”
The Cushman & Wakefield team currently is marketing units from 1,000 square feet up to a full floor, 20,000-square-foot opportunity, which could be divided for multiple users.
“Set against the backdrop of the Harbor Point redevelopment district and Stamford Harbor, 700 and 850 Canal Street offer far more than spectacular views of the water and skyline,” Byrd noted. “These buildings have everything today’s professional end-user demands, from upscale amenities to stellar accessibility. They also benefit from the distinctive campus environment they share with The Village, a high-profile neighboring property under development at 860 Canal Street – which will bring additional community and services to the campus.”
Tenants at 700 and 850 Canal Street enjoy a full complement of on-campus lifestyle amenities, including a reservable event space, breakfast and lunch at the Granola Bar café, and custom golf lessons at Golftec. Soon-to-open additions include a state-of-the-art fitness center and Madabolic, which will offer high-intensity fitness training. A newly developed waterfront promenade offers expanded walkability, and the buildings also share a five-story parking garage. Street-level amenities at The Village, scheduled for completion this summer, will include Cisco Brewers’ first Connecticut outpost and a fitness center.
Situated less than one mile from Exit 8 on I-95, 700 and 850 Canal Street provide easy access to all points in Fairfield and Westchester counties. Rail commuters can take advantage of private shuttle service to the nearby Stamford Train Station, and secure onsite bicycle storage is available to those choosing to cycle to work from the city’s popular residential areas. In addition, LaGuardia, JFK and Westchester airports are less than an hour’s drive away.
Known for its vibrant business environment, Stamford is home to an expansive list of prominent finance, insurance, management, real estate, digital media, health and consumer goods companies. “The tenant roster at 700 and 850 Canal Street mirrors this diversified profile,” Byrd noted. “Our buildings have been magnets for financial services companies and other professional end-users, and the campus’ contemporary industrial design lends itself to businesses across a variety of industries. The companies that come – and stay – here recognize that the location and lifestyle provide a real advantage when it comes to recruiting and retaining talent – a vital component in today’s competitive environment.”
Gottesman Real Estate Partners
26 Main St., #103, Chatham, NJ 07928
56 Livingston Ave., Suite 200, Roseland, NJ 07068
Sandy Crisafulli/Emma Ackel