STAMFORD, CT-After hiring L&L Holding to revamp the former General Reinsurance Corp. headquarters here, Lehman Brothers Holding Inc. has decided to bypass any repositioning of the asset and take it directly to market.
A team from Cushman & Wakefield is currently marketing the building, at 695 E. Main St., and according to Andrew Merin of the East Rutherford, NJ office, its generating substantial interest, primarily among investors.
“We have one very large tenant looking at the property now,” Merin tells GlobeSt.com. “Over 100 investors have signed confidentiality agreements and as of the end of this week we will have had over 20 tours.” The initial round of bids, he adds, is due August 17th.
At 560,000 square feet, the property might be best chopped up into smaller spaces and leased. It’s a process that Merin anticipates taking roughly 2 years to complete, given current market conditions. However, with few large blocks of space available, Merin sees the building offering several advantages.
“There is vacancy in Stamford but the larger blocks are either not in the CBD or the quality of the buildings is not even close to this,” he says. “The building divides well and the market has a lot of 5,000 to 50,000 foot tenants, but it also is one of the largest blocks of space around.” Only one space in the building--130,000 square feet--would not divide well, he adds.
Merin is joined on the project by C&W colleagues David Bernhaut, Gary Gabriel and Grace Braverman who also work out of the East Rutherford, NJ office. In addition, Tom O’Leary from the firm’s Stamford office is on the assignment.
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