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Louis Dreyfus submits plans to develop Connecticut Place.

Louis Dreyfus Property Group, an international real estate company, in a joint venture with Apollo Real Estate Investment Fund L. P., submitted plans to the City of Stamford, CT for approval of Connecticut Place, a new 23-story, 507,000 square-foot world-class office building.

The site, which is directly off Exit 7 of 195 and across from the new Swiss Bank headquarters, currently includes 21 Richmond Hill Avenue, a nine-story, 66,000 square-foot office building and other buildings owned and managed by Louis Dreyfus Property Group which are slated for demolition.

Located one block from the Stamford Transportation Center, the property has direct access to the north and south ramps of 1-95. Construction currently underway to extend the Stamford Transportation Center's entrance under 1-95 to its northern side and opposite the Swiss Bank complex will provide direct access from Connecticut Place to commuter rail and bus transportation.

"Our plans for Connecticut Place have generated tremendous interest in the business community throughout the region," said Jeffrey I. Sussman, president of Louis Dreyfus Property Group. "Currently, we are having discussions with several major companies that are seriously interested in leasing major portions of this building. We look forward to beginning construction after receipt of approvals."

"We look forward to working with the City of Stamford in developing the finest office building in the region," added David I. Friedman, northeast regional vice president of Louis Dreyfus Property Group. "Connecticut Place will set a new standard of excellence in design and services."

"Louis Dreyfus has submitted an exciting development plan for its new office building which complements and facilitates the City's proposed Mill River Greenbelt plan," said Stamford Mayor Dannel P. Malloy. "The building design will certainly appeal to both Stamford residents and potential tenants. With its location at the southern boundary of the Mill River redevelopment project, Connecticut Place will afford its occupants a premier address in Stamford."

"Stamford's office vacancy rate is at an all-time low," said Irene M. Korin, manager of Business Recruitment for Stamford's Office of Economic Development. "Scarcity of new first-class space limits the ability of existing tenants to expand within our City and deters new business relocations. Connecticut Place will offer a state-of-the-art office facility, convenient to public transportation and the vitality of downtown Stamford."

Designed by the internationally renowned architectural firm of Skidmore, Owings & Merrill, Connecticut Place will have typical floorplates of approximately 26,000 square feet. The building has four separate floors providing approximately 16-foot slab-to-slab spans, with finished floor heights of close to 12 feet for executive floors or to accommodate raised computer floors for trading or data transmission. The building's flexible design can accommodate the requirements of both medium and large space users.

The plan provides for a six-level parking structure with 2.5 parking spaces per 1,000 rentable square feet of space.

The interior of Connecticut Place will feature state-of-the-art, advanced building systems and finishes and materials typical of the finest office buildings. Planned amenities include a fitness center, cafeteria, a first-class restaurant and a sundry shop. With the 23-story height, Connecticut Place will offer spectacular, unobstructed panoramic views of downtown Stamford and the Long Island Sound.

Connecticut Place is the second major office property for Louis Dreyfus Property Group in Stamford's Mill River Corridor. Last year, Louis Dreyfus Property Group, in joint venture with Apollo Real Estate Investment Fund III, LP and Broad and Hanrahan, LLC, acquired the majority economic interest in River Plaza, a 201,000 square-foot office building located at 9 West Broad Street in Stamford. Louis Dreyfus Property Group is also the managing and leasing agent for River Plaza. A capital improvement program is underway at the nine-story building.

Louis Dreyfus Property Group owns and manages 3.5 million square feet of office space in North America and Europe, with plans to develop an additional 2.5 million square feet in the very near future. Currently, Louis Dreyfus Property Group has approvals for several major corporate office projects in Fairfield and Westchester counties totaling approximately 1.4 million square feet. In addition to Connecticut Place, they include:

Goldens Bridge, a new 313,930-square-foot corporate office center under construction along Route 22 in Goldens Bridge, NY. Designed by the internationally renowned architectural firm of Kevin Roche John Dinkeloo and Associates, the office park will be comprised of two four-story office buildings connected by a dramatic atrium lobby. The 58-acre property is located with direct access to Interstate 684 and the Goldens Bridge MetroNorth train station. Foundation work is currently underway.

Sutton Park, a 400,000 square-foot office complex in Valhalla, NY. The first of three buildings, Sutton Park North, a 100,000 square-foot building, is totally leased. The company has approvals for two additional buildings for a total of 300,000 square feet on the 30-acre site on Columbus Avenue. Sutton Park North was recently named "The Office Building of the Year" (TOBY) by the Building Owners and Managers Association of Westchester County. This is the second time in three years that Sutton Park North has received the prestigious TOBY award from BOMA.
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Title Annotation:joint venture of Louis Dreyfus Property Group and Apollo Real Estate Investment Fund L.P.
Publication:Real Estate Weekly
Date:May 19, 1999
Words:843
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