Filled 140,000 square feet at One Harbor Point in Stamford, CT within nine months
James Ritman is an executive VP and leader of Newmark’s CT office, and he’s had a very eventful 2021. His most notable deal for 2021 was when he and his team worked with a large hedge fund client to dispose of 140,000 square feet of space at One Harbor Point in Stamford. Historically, to dispose of this large amount of space in the Stamford market it could take up to six years. James and his team were able to dispose of this entire space in just nine months. They signed five different lease transactions to a mix of new and growing firms to fill the total available space.
The transaction speaks to the demand that the urban/suburban markets have experienced since the onset of the pandemic. For the local Stamford market, the disposition of vacant 140,000 square feet of space to five different growing firms is a win as it activates the property and supports the local retail, residential and hospitality market. As these firms grow and add jobs, it will increase foot traffic around the property and positively impact Stamford and Fairfield County.
Transactions such as this were quite tricky to execute and required a lot of good faith negotiations. It was a tri-party agreement between the client, the landlord and the lenders. It was a massive effort for James and his team to get the client out of their lease, and it required lender and landlord approval and participation in the deals.
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