Stone says that Wachovia plans to open between six to nine new branches in Fairfield County over the next 12 to 24 months. The Charlotte, NC-based financial services firm currently has 44 locations in Fairfield County, CBRE officials note.

"We are in the midst of an extremely successful leasing campaign on behalf of the bank in New Jersey," Stone says. "This progressed into an opportunity to offer Wachovia our outstanding brokerage capabilities in the Connecticut market." He adds, "We look forward to applying our knowledge of the Fairfield County marketplace to assist Wachovia in substantially increasing its presence in the area and better serve southwestern Connecticut's consumers."

Wachovia Corp., which has nearly 87,000 employees, posted net income for 2003 of $4.3 billion, up 20% from a year earlier and earnings per share of $3.18, up 22% from 2002. The company provides retail and corporate banking and brokerage services primarily on the East Coast, as well as through investment banking offices. Wachovia also operates full service retail brokerage offices under the Wachovia Securities banner in 49 states and Washington, DC.

CBRE officials note that over the past year it represented Wachovia as its exclusive leasing agent in Hudson and Essex counties in New Jersey. Recently, the firm arranged two, one-acre ground leases for the bank in Jersey City and Hoboken, respectively.

Stone says that Wachovia's branch template calls for a freestanding 4,500-sf building with drive thru. He notes that the bank may have to forego the freestanding requirement and settle on a smaller bank size, especially in some of Fairfield County's urban locations.

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GlobeSt.com EXCLUSIVE: CBRE Says Wachovia Looking to Expand Fairfield County Presence

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