SHELTON — William Raveis Real Estate, Mortgage & Insurance has purchased 2 Research Drive for $2 million and plans to convert the 55,000-square-foot light industrial building on five acres into a Class A office building for its headquarters.
Two hundred employees will relocate to the new headquarters from a 20,000-square-foot building at 7 Trap Falls Road in Shelton. Raveis employs approximately 3,200 agents in seven states.
The search for a larger space began more than a year ago, according to William Raveis, chairman and CEO of the company.
“We looked everywhere in Connecticut,” Raveis said. “Hartford County, Fairfield County, New Haven County.” After visiting a couple of dozen sites, Raveis discovered the right one “right in our backyard” when he spotted a “For Sale” sign at 2 Research Drive.
Raveis contacted the broker, Chris O'Hara of Coldwell Banker Commercial NRT, who represented the seller, Shelton Associates. The vacant building had previously been occupied by Dresser Industries and A.O. Sherman.
Raveis described the new headquarters as a “very modern-looking high-tech building with a pyramid glass entrance and interior garden.
“It’s something like you would see in Silicon Valley and unlike anything you see in Shelton,” he added. “That’s what I wanted.”
The architect is Seung Hyeon Park, principal of Archicord, LLC in Bridgeport.
Raveis said R.D. Scinto Inc. will renovate the building, which involves “knocking down 10,000 square feet” and reducing the footprint to 43,000 square feet. The demolition is expected to begin in late January or early February. Construction should commence in March and take approximately 18 months to complete.