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Technology Has a New Home
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Business New Haven
11/29/1999
By: BNH
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SHELTON - A former Pitney-Bowes office/warehouse facility in Shelton has been purchased by a group of real estate investors who intend to renovate it for office and/or flex use by high-tech tenants. The Ashford Co. is among the members of a group organized by Cambridge-Hanover, L.P. The group purchased the 100,000 square-foot building at One Parrott Drive for $2.7 million, with the intention of investing several million more in renovations. Thomas Ashforth, Ashforth's vice president of acquisitions, said the single-story facility will henceforth be known as the Technology Center.
"We believe there's an opportunity to renovate and upgrade existing facilities like this one to meet the needs of a lot of high-tech manufacturing companies," said Jonathan Garrity of Cambridge-Hanover, general partner of the investment group. "We're seeing a national trend toward this type of project."
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