"Clairol has enjoyed its tenure in Stamford. Now with the sale of this property we are committed to bringing a positive influence to the future of Stamford as a vital community," states Patrice Louvet, vice president and general manager of P&G Global Retail Hair Color. Cushman & Wakefield's Tripp Hoffman, senior director; James Fagan, senior managing director; and Betcy Vincent, associate, will be working on the assignment to find a buyer for the property.

[IMGCAP(2)]"Property of this size and prime location is extremely rare in lower Fairfield County," says Hoffman. "The property allows for a variety of uses and will offer a savvy developer the opportunity to be creative. Procter & Gamble will entertain all offers, including sales structure variations like sale-leasebacks or installment sales, but has stressed its interest in finding a good partner and community neighbor."

The site, which also includes two single-family homes, allows for mixed-use development of residential, retail and other uses that could include: medical, government, industrial or flex space.

P&G spokesperson Tracey Long, says the complex, which now houses the Retail Hair Color division of Procter & Gamble, currently employs 370 workers. When it acquired Clairol in 2001, there were 780 employees at the site. P&G announced last June that it would consolidate its operations there with other P&G plants and offices. She says that for nearly a year the company has begun the process of relocating employees to Hair Color and Professional Hair division locations in Cincinnati or Woodland Hills, CA.

The company has plans to reassign employs to new positions within the company at other plant or office locales, she adds. More than 100 employees in Stamford are eligible for retirement beginning in Jan. 2009. All other employees will be eligible for separation packages, Long says.