on the market

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The Royal Bank of Scotland currently leases the entire building,but plans to move at the end of its lease in 2009 when their new12-story building on 600 Washington Blvd. is complete. According toJLL, Heritage Realty has said it will renovate the building andseparate the space into 20,000-sf to 50,000-sf subdivisions forwhich it has "a handful of clients". JLL, referring to the size ofthe space, explains there isn't anyone in this market that "needsthis kind of space." The deal, brokered by Brian Higgins, ChrisKrause and Jay Koster--with Jones Lang LaSalle--is anticipated toclose in Q3 of this year.

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This sale is coming on the heels of General Reinsurance'sagreement to relocate locally. The reinsurer has decided to movefrom 695 E. Main St. to 120 Long Ridge Rd., here, with a 15-yearlease. General Reinsurance's current lease is up in 2009 and thecompany had been searching for a new location, either inWestchester or Connecticut. Leasing the entire 310,000 sf of spaceat the property, they plan to make the move around Jan. 1, 2010.JLL tells GlobeSt.com that the lease was "below market transactionwith excellent incentives from the landlord as well as the state ofConnecticut." Common incentives are sales tax abatements, corporatetax credits and improvement loans. The company's plans to moveafter tenant build-out, upgrades and renovations are made to thebuilding. Building and Land Technologies owns the property andrepresented itself in the negotiations. General Reinsurance wasagain, represented by Higgins, Krause and Koster at JLL.

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Average asking rates for class A office space in Fairfieldcounty are $35.27 per sf, according to research report by Cushman& Wakefield. This is up year-over-year from $33.65 per sf, butdown from $35.83 per sf from the first quarter. At the end of Q2,there was a supply constrain on office space, and while these moveshelp create available class A properties, they will not show untilearly 2010.

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