Financial firm signs 11,900 s/f lease at Corporate Park.

Principal Financial Group has signed a lease for 11,928 s/f at Merritt 7 Corporate Park in Norwalk, announced Albert D. Phelps, Inc., the managing and leasing agent for the property owner, Merritt 7 Venture, L.L.C.

Principal Financial Group signed a five-year lease for space on the fifth floor of 501 Merritt 7, one of six buildings in the Merritt 7 Corporate Park. This is the first Fairfield County office for the Des Moines, Iowa based firm.

"After analyzing several alternatives throughout Fairfield County, we identified Merritt 7 as the ideal location for our expansion into the area," said Peter Smith, regional managing director of the Northeast Region for Principal Financial Group.

"The recent building renovations and outstanding property amenities were a big draw for Principal."

Cushman & Wakefield's Paul Kauffman, executive director and Stephen Baker, senior director, represented Principal Financial Group in the lease negotiations. JoAnn Brennan-McGrath, director of leasing at Merritt 7, acted on behalf of ownership.

In order to accommodate Principal Financial Group's space requirements, the landlord executed an early lease termination agreement with an existing tenant, demonstrating the proactive and cooperative approach taken by the Merritt 7 leasing team to meet tenant needs.

"Principal Financial Group required a centrally located, first class office property with top rate amenities in order to effectively establish its presence in the region," said Mr. Baker. "Merritt 7 was the ideal location and we are extremely pleased that the landlord's flexibility and willingness to accommodate Principal's needs made this deal happen."

"Part of the appeal of Merritt 7 is the approach we take to accommodate tenants of all sizes. Our willingness to restructure deals and offer existing tenants the flexibility to grow or contract within the complex has kept us at near full occupancy," said Ms. McGrath. "We are pleased to add Principal Financial Group to the prestigious roster of tenants at Merritt 7."

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 is the asset manager.