Currently, the Diocese of Bridgeport leases the land to the City of Stamford for use as a municipal parking lot, according to Cushman & Wakefield officials. The brokerage firm, which was involved in the negotiations between Lowe and the Diocese, will be marketing the project to prospective tenants. Frank P. Liantonio, executive managing director, and Stephen P. Olvany, director of C&W's Advisory Group, represented the Diocese of Bridgeport and St. John the Evangelist in the transaction. No terms of the ground lease were released.

The site is located near the Rich Forum and opposite some of the city's most noteworthy office buildings including 300 and 400 Atlantic St. and the UBS North American headquarters complex. Lowe has yet to file plans with the City of Stamford for approval. C&W officials say that construction on the tower could begin as early as 2006.

"Lowe Enterprises and its project was selected after a long and nationwide search of the most qualified developers desiring to expand in the sought after Fairfield County market," Olvany says, "This is Lowe's first project in the Fairfield market and they want to make it their best."

Lowe now joins developers Louis Dreyfus Property Group and Hines in marketing prospective high-rise office projects Downtown to prospective tenants. C&W's Olvany notes that since both Hines and Louis Dreyfus ventures are projected to be more than 500,000 sf, Trinity Place could have a leg up on the competition since it will require less pre-leasing to obtain construction financing.