Terex Corporation moves into 372,000 s/f Westport, CT, office.
Terex, a Fortune 500 company and the third largest manufacturer of construction and mining equipment, will relocate from 35,000 s/f at 500 Post Road East in Westport. The move to Nyala Farms is expected to take place by the end of the year.
Cushman & Wakefield's Josh N. Kuriloff, executive vice president and Stephen Baker, senior director, represented Terex in the transaction negotiations. Cushman & Wakefield's Gregory Frisoli, senior director represented the landlord, Nyala Farms, Inc. The asset manager of the property is L&B Realty, which manages this asset in a portfolio of real estate investments for a state pension fund.
"Terex desired a Class-A office property that could not only satisfy its current space needs, but also accommodate projected future growth," said Baker. "Nyala Farms provides this flexibility in a spectacular office park that is truly unique in the Fairfield County office market."
"This was an excellent opportunity for Terex to obtain top tier office space at competitive rental rates in a private corporate campus setting," said Kuriloff. "The company will benefit from the efficient layout of the property, an abundance of on-site amenities and an excellent commute for employees."
Nyala Farms Corporate Center is made up of five interconnected buildings; 100-500 Nyala Farms Road. Major tenants at the property include Benfield, Smith Barney, Playtex Products, Lifecare, Deloitte & Touche, Pequot Capital & Phibro Energy. The signing of this lease brings the occupancy of the park to 100%.
"Terex had several options in the market, but only Nyala Farms offered Terex the opportunity to remain in Westport, said Frisoli. "In turn, Nyala Farms benefited by leasing a large vacancy at the complex. The transaction was a great fit for both parties."
Nyala Farms Corporate Center, situate on 53-acres, offers a private campus-like setting with parking for 1,100 cars. Tenant amenities include an on-site dining facility with conference area, athletic facility and sundry shop. The complex also features 24-hour manned security, mini-bus service to the train station and convenient access to 1-95, Exit 18 (Sherwood Island Connector).
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|Publication:||Real Estate Weekly|
|Date:||Jul 26, 2006|
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