Chemical company commits to Corporate Park for long-term.
Arch Chemicals, a current tenant, restructured its space requirements and committed to a long-term lease at 501 Merritt 7, one of six buildings in the 1.4 million square foot complex.
The company will continue to occupy the entire second and third floors and part of the building's plaza level.
Arch Chemicals, a spin-off of The Olin Corporation, has been a sub-tenant at Merritt 7 for more than 10 years.
Prior to its December 2005 lease expiration, the landlord accommodated Arch Chemicals with a one-year lease extension so it could determine its long-term internal space requirements. Ultimately, Arch Chemicals and the landlord restructured the company's lease, accommodating its current 60,268 sq. ft. requirement. The Merritt 7 Corporate Park is now at 96% occupancy.
"We are extremely pleased that Arch Chemicals will continue it occupancy at Merritt 7," said Jo Ann Brennan-McGrath, director of leasing at Merritt 7 Corporate Park. "Tenant retention is high on the priority list at Merritt 7 and we were delighted to have been able to structure a deal that worked well for both landlord and tenant."
Thomas E. Pulie, senior vice president of USI Real Estate Brokerage represented Arch Chemicals in the transaction negotiations.
Currently, there is approximately 80,000 sq. ft. of prime office space immediately available for lease at Merritt 7, with an additional 125,000 sq. ft. coming available over the next 12 months.
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 U.S. real estate investment manager providing a broad range of advisory services to institutional investors and high net worth individuals, is the asset manager.
The Merritt 7 Corporate Park is a Class-A office property encompassed of six buildings (101-601). Merritt 7 is near full occupancy with a tenant roster that includes General Electric Capital Corporation, FactSet Research, Financial Accounting Foundation (FAF), Kodak, LaSalle Bank, Marsh USA, EMCOR, Merritt Hospitality, Siemens Business Services, Inc., ABB Inc, Webloyalty.com, InBev, Kaiser Foundation Health Plan, Inc., IPSOS, and Principal Financial.
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|Publication:||Real Estate Weekly|
|Date:||May 10, 2006|
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