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Merritt managers' work double duty.

In a complex transaction, W&M Properties negotiated a buyout by Banc of America Securities, LLC of its lease at MerrittView in Norwalk in order to relet the space to a leading international moving company, Paramount Transportation Systems, Inc., according to Jeffrey H. Newman, executive vice president of W&M Properties, the marketing and managing agent for the building.

Paramount, which recently bought Interconex, another international moving company in Elmsford, N.Y., will occupy 7,800 s/f on the seventh floor of MerrittView, for at least the next six years, according to the terms of the lease. In order for this to happen, W&M negotiated with Banc of America to buy out its lease for the entire unit.

"This transaction shows W&M's willingness to accommodate its tenants," said Newman. "It also demonstrates that our first-class buildings continue to deliver top-notch management, high-quality amenities and a superb location."

Syd Gordon of Angel Commercial represented Paramount Transportation Systems, while Newman and leasing associate, Kimberly Zaccagnino, represented the building.

Tom Hanson and John Hines of Trammell Crow represented Banc of American in its lease buyout negotiations, while Newman and senior leasing associate, Kathleen A. Caracappa, represented the building.

For the first time in several years, MerrittView has a block of 18,000 s/f of dividable space available for immediate occupancy on the sixth floor. W&M has upgraded and is marketing this remaining sixth floor space for multi-tenanting. Availabilities on other floors range from 5,188 to 17,276 s/f.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:May 31, 2006
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