Biotech leader takes 53,000 s/f 'blank canvas' in Shelton, CT.

In a transaction arranged by the Connecticut office of CB Richard Ellis, Cara Therapeutics, an emerging leader in the field of biotechnology and drug discovery, has committed to 53,040 s/f of space at One Parrott Drive in Shelton, CT. The biotechnology company plans to expand and relocate its operations currently situated in Tarrytown, NY.

The CB Richard Ellis team of Sean Cahill, senior vice president and Sue Dengenis, vice president, negotiated the lease on behalf of Cara Therapeutics Cambridge Hanover LP, the landlord, was represented by Michael P. Dillon of Cambridge Hanover LP.

"Cara extensively researched the market in both Westchester and Fairfield Counties, with the primary focus on finding a location where they would realize the highest value in terms of total occupancy cost.

"In the end, Cara was able to lease a space which had an attractive, high-tech exterior with 22' high glass window walls, with the benefit of a blank pallet inside to build out their highly specialized space," said Cahill.

Cara hopes to open its new office in mid 2007.

Located in the heart of the Shelton business district, One Parrott Drive is a prime 101,000-square-foot flex building that is conveniently situated near Route 8.

The property boasts a number of high profile, international corporate neighbors including American Scandia, General Electric, Iroquois Gas, Pitney Bowes and Swiss Army Brands.