It’s essential to understand increased implications awareness of mortality in middle and later adulthood. Dealing process with death continues throughout health cycle. It was vacant and market was still suffering the 2008 results pecuniary meltdown, when Stamford Exit nine acquired 33 acre property.
The building had no identity in the market as long as it had been a corporate facility since its 1968 completion.
Accordingly the marketing and leasing direction for great facility was not clear cut. Lease negotiations progressed very fast and were finalized after September 2010, about 7 months after closing. Sounds familiar? It was a massive, ‘wellmaintained’ facility near a fundamental highway exit in a dense and affluent demographic area, where the demand for youth and league sports facilities far exceeded what was accessible, the location and building were compelling for Chelsea Piers.
It’s an interesting fact that the vital fact for Stamford Exit nine was that Chelsea Piers still wanted to come to building and was willing to be a tenant.
Partners were well heightened aware interest in Stamford from film, TV and related industries created by Connecticut’s film tax credit legislation, nonetheless they did not yet have a tenant for this space.
They saw that some big users were in market and wanted to reserve space for them. It’s a well-known fact that the film and media industry had been an essential part of this multithemed concept from the start. Actually the ownership team included 81000 square feet of studio space as site part plan application, as part of securing Chelsea Piers approvals. Clairol ultimately sold business to ‘BristolMyers’ Squibb, that in turn sold it to Proctor Gamble in Like a great deal of other ’21stcentury’ American entrepreneurs, PG therefore planned to move its manufacturing operations to Mexico and relocate its executives to PG’s home office in Cincinnati.
While manufacturing hair care products similar to Herbal Essences shampoo there, for 42 years, it owned and occupied buildings.
Seeking to lower production costs and shed excess corporate real estate, PG hired Cushman Wakefield to market facility in late Although package got widespread interest and bids from potential buyers, none were able to execute 2008 transaction as capital markets meltdown.
In 1968, Clairol, a women’s hair care brand that began on Long Island in 1950s, built a ‘711000 square foot’ corporate headquarters with research and production facilities in Stamford, one hour east of a city of New York. For example, while inviting area’s commercial brokers to breakfasts, presentations and site tours, team began a ‘one on one’ marketing campaign. Joint venture retained Cushman Wakefield as leasing broker because of its familiarity with property and its strong industrial brokerage presence.
Basically the newest owners contacted another company that had bid on property, a sports facility operator famous as Chelsea Piers. It realized that property’s better in class condition was result of Clairol’s regulation by the Food and Drug Administration, when Stamford Exit nine LLC acquired the former Clairol headquarters in 2010. Therefore the leasing deal gained momentum as the NBC/Comcast merger gelled, and NBC signed a lease for 263000 square feet in October All NBC sports venues from Olympics to the NFL, NHL, NASCAR and the whole NBC Sports Group portfolio now are always managed through this headquarters facility, that contains 4 broadcast studios. One was to focus on the film and television industry that was clustering in Stamford Connecticut as long as State Film Tax Credit and its proximity to NYC. Notice that the team had a couple of alternatives for marketing the property.
Various was to mount a traditionary re leasing effort for industrial and office users.
The Campus on Interstate 95 in Stamford, Conn, a former Clairol headquarters and manufacturing facility, has been a case in point.
Aging industrial and office structures throughout the especially in the Northeast mature markets offer unusual options for owners and developers to think creatively about adapting and reusing obsolete buildings and properties. Quite a few developers probably were transforming them into places that meet needs of modern commercial real estate markets, but not demolishing these structures. It is by considering a variety of prospective uses for this property, including conservative office and industrial uses and a remarkable set of industries, Stamford Exit nine made a number of its options, and succeeded in landing 1 huge tenants that set a brand new direction for this once obsolete structure. Campus provides a model for how akin properties may be redeveloped and reused throughout North America, in ways that will meet a great deal of needs suburban communities for special sports facilities and other kinds of spaces types.
CW went back to a select group of ‘firstround’ bidders, by 2009 end, PG wanted certainty on a sale.
The firms had teamed up once before to convert a Stamford manufacturing building into a sound stage and studio.
By the way, the joint venture, reputed as Stamford Exit nine LLC, made PG a compelling, all cash offer with a rather short due diligence period and a swift close, that PG accepted. So this group included a joint venture of Spinnaker Real Estate Partners, Steven Wise Associates and Connecticut Film Center, all regional players with experience in adaptive reuse projects. Lots of information usually can be looked with success for readily on the web. NBC was attracted to its property as long as industrialstrength physic plant, big clear span ceiling heights of 22 to 24 feet, multiple fiber providers and redundant power feeds, one of which has been fully dedicated.
NBCUniversal Sports Group headquarters is now regarded as amongst the finest broadcast facilities on the world. NBC improvements cost more than $ 100 million and included all modern, fully redundant electrical infrastructure. Redevelopment of former newspaper headquarters and identical facilities will soon be large business in more markets, as news firms offload valuable real estate with big structural bones in highquality locations. In the course of the lease negotiation, company’s space requirement grew from less than 100000 to more than 250000 square feet. At time, NBC was in a joint middle venture merger with ‘Comcast’, that was negotiating a ’10year’ broadcast deal with public Hockey League. Over a few course months and plenty of site visits it happened to be clear that the prospective user was NBCUniversal Sports Group, he primarily did not divulge who he was representing. Now let me tell you something. Whenever displaying a keen interest in its infrastructure, with that said, this proved to be a smart move when a technology oriented individual ured the building.
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Please comply with our Community rules. So property’s zoning permitted a wide latitude of uses, that gave modern owners loads of flexibility, That risk, however, was calculated. Stamford Exit nine as well acquired the property without a zoning contingency, a risky plan given asset’s huge size. Anyways, the partners understood that building was a bestinclass industrial asset, and that with a rather low basis, it could offer very competitive rents for warehouse and industrial space. Stamford Exit nine team mitigated the noticeable market risk of this great speculative purchase by relying on its nearest market knowledge and deep history with the building. One and the other strategies presented challenges and potentials. Then once more, since a great deal of potential users were startups and not well capitalized, the market for great users was limited, film route was an uncertain one. Oftentimes project’s 90000 square feet of office space were earlier 1990s, Class B space, that was hardly compelling in a 20 percent plus office vacancy rate environment and a location outside Stamford CBD.
While loading and circulation were not ideal, conservative industrial warehouse market as well was limited, and building’s site access.
Provide a welcome array of restaurants, shops and gathering spaces; and are home to a few university offices, 3 city blocks of ‘LEEDcertified’, ‘mid rise’, ‘mixed use’ development house students and youthful professionals.
Situated across street from Cincinnati University campus, U Square @ Loop buzzes with activity. Primarily, the Campus seemed to capture the tenant multithemed aspects prospect pool. Film, entertainment, education and medicinal uses, marketing team decided that the property’s branding should attempt to communicate those elements, with a lot of tenant prospects ranging from sports. A well-famous fact that was always. I know that the marketing direction turned out to be more defined, right after helsea Piers committed to the building. Warehouse building had enough floor to floor height to accommodate newest mezzanine space, that CPCT built as special viewing and program areas. Now please pay attention. Chelsea Piers Connecticut leased an approximately 160000squarefoot former warehouse building that had been designed to accommodate a second floor.