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The Property Exchange
Fleet Bank Merger To Effect Connecticut Commercial Real
Estate Market
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Business New Haven
5/31/1999
By: BNH
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After a healthy first quarter, the merger of Fleet and BankBoston may impact the commercial real estate market in Hartford but is less likely to effect New Haven, according to a recent report issued by Cushman & Wakefield of New England. According to the report, the merger will result in the availability of an expected 125,000 square feet of Class B space in Hartford but is not expected to affect build-to-suit sites or major office tower development.
Cushman & Wakefield doesn't expect the merger to have much impact on New Haven because neither bank has a significant office presence in and around the Elm City. According to the report, New Haven continues to do well with an overall decrease in the direct vacancy rate of 13 percent (from 17.9 percent in the first quarter of 1998 to 15.6 percent one year later). Moreover, leasing activity nearly doubled during the same period, rising from 57,912 in the first quarter of 1998 to 101,027 in the first quarter of 1999. The report cites two trends: Real Estate Investment Trusts (REITs) are taking a closer look at the market, and purchase prices are beginning to match replacement costs.
Major Facelift
for 55 Church
A downtown New Haven landmark office building, 55 Church Street, is undergoing a $2 million interior and exterior renovation. Purchased for $2.75 million last August by Bulldog Partners LLC, an affiliate of the Manhattan-based real estate investment, management and development firm Gregory Realty Inc., the building was constructed in the early 1970s. Bulldog Partners purchased the former Connecticut Savings Bank building at 47 Church Street and the adjoining office tower from First Union bank. First Union continues to be a tenant, in addition to the Southern Connecticut Gas Co., American Medical Response and McLaughlin, DelVecchio & Casey Advertising.
The nine-story, 100,000-square-foot office tower is connected by a two-story wing to the Neoclassical headquarters branch of the former Connecticut Savings Bank, which added additions in 1972. The tower was designed by New York architects Streve, Lamb & Harmon, architects for the Empire State Building.
Plans call for a front-to-back, lobby-to-rooftop makeover which will include changes to the parking lot entrance in the rear, to the Church Street facade, lobby, security, elevators and common areas and mechanicals. The latter includes wiring for voice, video and data communications and computer-controlled heating, ventilation and cooling systems.
The owners of the site have assembled a local development team to plan and execute the improvements to the building. Chapel Construction is the contractor, CB/Richard Ellis is handling property management, C.A. White Inc. is exclusive leasing agent and Barkin & Andrade Architects is the architect. Marketing is being handled by Eaton & Noble Strategic Communications and McLaughlin Delvecchio & Casey Advertising.
Frank M. Micali, vice president of C.A. White, believes that the major improvements being undertaken at the site “are an indication of both the area's potential and the emerging realization of it.”
NEWS
Beazley Regional Center of Orange is the exclusive listing agent for West Haven's first plastic home. It's being built by Lou and Al Yavarone of New England Construction of North Haven, who have joined forces with the Royal Plastics group of Canada. Constructed from recycled plastics, the system features PVC panels filled with concrete. The airtight construction eliminates any mildew or insect problem and provides a wall that creates a finished living/work space from the moment it's built. The new home is being characterized as “environmentally friendly” construction.
Calcagni Associates of Cheshire has opened new headquarters at 330 South Main Street and announced the formation of the Calcagni Community Foundation. The foundation will provide resources to various organizations, with an emphasis on local causes. Allocation of funds will be handled by Calcagni agents. Applications are available for groups wishing to receive funds from the foundation, which has made a $30,000 commitment for 1999.
M.F. DiScala & Company Inc., a Norwalk-based industrial and commercial real estate organization, has announced the appointment of Alan Webber as chief financial officer and Elizabeth Golden as vice president of administration. Webber formerly held the position of treasurer with a private commercial mortgage company and was office-leasing broker with Grubb & Ellis Co. Golden held administrative positions with the Conroy Companies and E.G. Capital Management Inc. and was creative services coordinator for 9 West/Fisher Camuto Retail Group.
SALES
Trakhan Associates LLC has purchased 57 Plains Road, Milford from R&G Realty. The three-story, 21,000-square-foot office building sold for $950,000. John F. Bergin of George Smith & Son Commercial & Investment Real Estate was the sole agent involved in the sale.
Professional Cutlery Direct Inc. has purchased a 23,000-square-foot industrial building at 242 Branford Road, North Branford. The sale price was in excess of $900,000. The facility will be used as corporate headquarters and distribution center for the firm's catalogue sales. Chris Nolan and Dave Melillo of the H. Pearce Co.'s North Haven Industrial/Commercial office exclusively represented the sellers, Andrew Criscuolo and Vincent DellaRocca. Joel Galvin of the same office represented the buyer.
Coz Plastics Inc. has purchased the former American White Cross facility in Killingly. The 210,000-square-foot building on 61 acres was purchased for $5 million. Coz will relocate to the site from out of state. Coz was represented by Nicholas R. Morizio and Keith Kumnick of Colliers Dow & Condon.
Pent Highway LLC has purchased 51 Pent Highway, Wallingford. The 24,982-square-foot building, previously owned by SKW Realty Limited Partnership, sold for $1.6 million. Sentry Commercial Real Estate Services Inc. was the sole broker.
Bridgestone/Firestone has purchased 260 Chapel Road, South Windsor. The 15,000-square-foot industrial facility, located on 5.2 acres, sold for $600,000. NAI/Lexington Partners represented the buyer and was the sole broker.
LEASES
United Rentals has leased 363-379 Naughatuck Avenue, Milford. The 17,000-square-foot industrial building is located on 1.2 acres. John F. Bergin of George J. Smith & Son represented the owner, Crown Realty LLC and George Shawah Jr. of Baldwin Pearson and Co., Realtors Inc. represented the tenant. The lease is valued at $750,000.
Sentry Commercial Real Estate Services Inc. has announced that dsl.net, inc., an internet service provider specializing in wide-band technology, has leased 545 Long Wharf Drive, New Haven. The 420,000-square-foot office building is owned by SNET Real Estate Inc. Insignia/ESG represented the landlord.
H. Pearce Co., Realtors has announced the Medical Custom Packing Solutions, LLC has subleased 19 Business Park Dr., Branford. The 8,700-square-foot warehouse space will be utilized as the company's primary distribution facility. Craig Fuchs of H. Pearce's North Haven Industrial/Commercial office exclusively represented the tenant and Tim McMahon of the Geenty Group Realtors represented Interchange Brands Inc.
Evaz Systems has leased 6,200 square feet of light industrial space at 33 Chestnut Street, New Haven. The space will be utilized by the company as its main headquarters. David Roetting of H. Pearce Co.'s North Haven Industrial/Commercial office exclusively represented the landlord, John Candelora. Bill Silverman of Levey Miller Maretz & Proto represented the tenant, Evax Systems.
CONSTRUCTION
Colliers Dow & Condon has contracted for tenant build-out construction management services at 51 Belamose Ave., Rocky Hill. General building renovations are being managed for the owner, Belamose Trust.
FIP Construction Inc. has begun construction on a new building for Cobalt Interests LLC. Located in Cheshire Industrial Park at the crossroads of I-84 and Route 691, the 45,6000-square-foot building will open in fall of 1999.
EXCLUSIVE LISTINGS
C.A. White Inc. is the agent for a site at 20 Commerce Drive, North Branford. The industrial building totals 28,000 square feet, with 3,000 square feet of office space and is offered for $1.5 million.
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