Four new leases signed at Holly Pond Plaza in Stamford as multi-million dollar capital improvements commence
STAMFORD, Conn. – March, 2012 – The commercial real estate investment firm of Faros Gould today announced the signing of three new leases and a lease renewal totaling 8,303 square feet at Holly Pond Plaza located at 1281 East Main Street, in Stamford.
An extensive multi-million dollar interior and exterior renovation is underway at the 70,000 square-foot office building, which Faros Gould purchased in 2010.
“Holly Pond Plaza is in the process of receiving tremendous investment in top-to-bottom upgrades and as a result, we have had a great response from the brokerage community and tenants in the market for space,” said Jeremy Leventhal, Managing Partner, Faros Properties.
The landlord announced the completion of the following new leases since the acquisition of the property last year:
- Centerstone Partners, LLC, a global private equity firm, leased 2,859 square feet for its corporate headquarters. The firm relocated from 1120 Boston Post Rd. in Darien. The tenant was represented by Bobby Gillon of the Signature Group.
- Beacon Wealth Consulting leased 2,099 square feet and relocated its main offices to Holly Pond Plaza from Norwalk. Brett Sherman of Angel Commercial represented the tenant.
- The Shoff Darby Insurance Agency leased 1,122 square feet. The firm, headquartered in Norwalk, has relocated its Stamford office from Landmark Square. The tenant was represented by Jesse Weber of Pyramid Real Estate Group.
- DKR Capital Inc. renewed its lease for 2,223 square feet on the second floor of the building for its headquarters offices.
Cushman & Wakefield’s Gregory V. Frisoli, Adam Klimek, and William Montague serve as the exclusive agents representing the landlord. The property owner and leasing team are leading an aggressive leasing and marketing initiative, which has resulted in the execution of the aforementioned leases, with several additional deals pending completion.
“Tenants and brokers alike are responding positively to the improvements that are underway at Holly Pond Plaza and the superb, competitively priced space opportunities,” said Mr. Frisoli, a Cushman & Wakefield Senior Director. “Holly Pond Plaza features great views, aggressive economics, and new office build-outs. In addition, the building’s proximity to I-95, boutique feel, and area amenities have proven to be attractive draws.”
“The completion of these deals confirms the viability of Holly Pond Plaza as a first-rate, desirable office location, with the numerous planned upgrades, services and amenities, and accessibility,” said Alexander Leventhal, Managing Partner, Faros Properties. “It is our mission to maintain the highest standards of building management and service, in an effort to attract new tenants and retain our existing base.”
The interior improvements at Holly Pond Plaza will feature new design elements for the entryway, main lobby, common corridors, elevator cabs, restrooms, signage, and the installation of a new security system. On the exterior, the featured improvements will include: a new entryway, signage, landscaping, and parking garage upgrades. Renovations are expected to be completed by June of 2012.
“We are quite pleased with the progress of the renovations at Holly Pond Plaza and the positive response and momentum we have received from the brokerage and tenant community,” said Elliot Gould, Managing Partner of Gould and Co.
Currently, there are full-floors and smaller office spaces available for lease. Monument signage and/or building naming rights are available for a significantly sized tenant. The reflective glass and brick office building was constructed іn 1981. Located within the Stamford non-CBD submarket on East Main Street, the location offers easy access to I-95 and water views of the Long Island Sound on the shores of Holly Pond. The first three levels of the building are reserved to indoor parking, and the four upper floors are dedicated to office space.
Faros Gould also last year purchased 555 Theodore Fremd Avenue in Rye, NY, which was also recently repositioned. The investment team continues to seek additional direct and venture investment opportunities in the New York and Boston areas, as they expand the portfolio, primarily seeking distressed opportunities created from the economic downturn.
Faros Properties, LLC is a New York -based real estate investment firm. Faros and its predecessor companies traces its roots to The Beacon Companies founded by Norman Leventhal and his brother in 1945. It has been active for more than six decades in the construction, development, acquisition, management and financing of real estate internationally. Well known developments in Boston (the family headquarters) include the Meridien Hotel, One Post Office Square, The Boston Harbor Hotel, Rowes Wharf, Center Plaza, South Station, and 75 State Street, to name a few. Faros Properties, LLC was formed in the spring of 2010 by Alexander and Jeremy Leventhal as a platform to target distressed opportunities created from the most recent economic downturn.
Gould and Company, LLC is an owner-operator development company founded in 1970 by James Gould. The company started by acquiring apartments in Boston’s North End and Beacon Hill neighborhoods. Today, Gould and Company specializes in property management, ground up development and re-development in all asset classes. Gould and Company’s main focus is acquiring distressed properties and vacant land. It currently owns and manages over 1.5 million square feet in five states including Massachusetts, Colorado, Connecticut, Maine and South Carolina.