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Sublease signed in Stamford, largest in CT in five years.

Sublease signed in Stamford, largest in CT in five years

IMRS Inc., a leading provider of corporate business and executive information solutions, has subleased a total of 73,558 square feet of office and storage space in Building A at Long Ridge Office Park, 777 Long Ridge Road, Stamford, Connecticut.

The transaction involving three separate sublessors was orchestrated by Michael Weissleder, a first vice president at CB Commercial Real Estate Group and Lucy Ricciardi, vice president of finance at IMRS.

"We look forward to relocating to a larger facility where we can consolidate all our operations," said Jim Perakis, president and chief executive officer of IMRS. "This will allow us to function more effectively and provide even better customer service. We are also pleased that IMRS will remain in Stamford because of the conveniences the area offers to our clients and employees."

IMRS will sublease all of the available 68,370 square feet of office space in the three-story building. The 27,500-square-foot third floor was occupied by Citicorp, the 27,500-square-foot second floor was occupied by National Reinsurance and Amstar occupied 13,370 square feet of office space on the first floor. IMRS will also sublease 4,088 square feet of storage space from National Re and 1,100 square feet from Amstar.

The three-building office complex, consisting of approximately 270,000 square feet is a development of Tishman Speyer Properties.

In another transaction at Long Ridge Office Park arranged by Weissleder, GE Capital, the sole tenant in Building B has subleased the cafeteria in Building A from National Re. GE Capital will operate the 11,500-square-foot cafeteria for its employees.

According to Weissleder, the complete subleasing of Building A was the culmination of more than six months of work by nearly 15 individuals representing all parties involved in the negotiation. "We were fortunate to have five motivated parties working together to put this complicated puzzle together," he said.

Prior to this transaction the CB Commercial broker had developed a working relationship with all of the companies involved. In addition to working with IMRS as the firm expanded its business activities in Stamford, first leasing space at 1033 Washington Boulevard and 1600 Summer Street, Weissleder also arranged for GE Capital's 106,000 square foot lease at Building B of the Office Park in 1989.

CB Commercial's vacancy figures indicate that the amount of available sublease space in the Stamford market decreased approximately 30 percent during the second quarter of this year. The 411,000 square feet of sublease space currently on the market represents 12.5 percent of the total available office space in Stamford.

Weissleder and Michael Trolle of CB Commercial have been involved in two other major sublease transactions in the Fairfield County market recently. They represented Mobil in the sublease of 47,000 square feet of space at First Stamford Place to Pittston, and Coldwell Banker Relocation in the sublease of 40,000 square feet of space from Great Northern Nekoosa at 401 Merritt 7 in Norwalk.
COPYRIGHT 1991 Hagedorn Publication
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Jul 24, 1991
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