Thomson Corp. Signs 131,814 SF in Lease Deals in Stamford

STAMFORD, CT-In a complex transaction that involved two properties and the take-back of some leased and subleased space, Thomson Corp. has signed leases totaling 131,814 sf of office space for its corporate headquarters operations at the Metro Center complex and for its Learning Group division at First Stamford Place.

The deals were announced by W&M Properties, the real estate management, marketing and acquisition arm of the Malkin family, the owner of Metro Center and First Stamford Place. Jeffrey H. Newman, executive vice president of W&M, explained that Thomson signed a new lease for 76,527 sf for its corporate headquarters operations at the 282,000-sf Metro Center complex. The new lease entails a 16,534-sf expansion of Thomson's corporate headquarters space there.

At First Stamford Place, Thomson signed a 15-year lease for 55,287-sf at 200 First Stamford Place office building, part of the First Stamford Place complex that totals approximately 800,000-sf) for its Learning Group. The Thomson division has been working out of subleased space at Harbor Plaza in Stamford.

Thomson has been on the market for space in the Stamford area for at least the last two years. Real estate sources note that the firm had been negotiating with the Louis Dreyfus Property Group to be a tenant at the firm's yet to be built “Connecticut Place” high-rise office building in downtown Stamford. More recently, Thomson had been rumored to be interested in some or all of the approximately 175,000-sf of American Express leased space at 400 Atlantic St. building in Stamford.

Commenting on its deals at the Metro Center and First Stamford Place complex, Barbara Scarcella, Thomson's senior vice president and strategic sourcing officer, says, “Our operations have grown over the years and we have been looking for creative solutions to alleviate space constraints. We looked at several options in the greater metropolitan area, but after thorough review, this was the most compelling solution. It met our goals in terms of cost savings, it provides us with significant branding opportunities with signage rights on both buildings and it provides our employees the additional space needed to do their jobs more efficiently.”

The First Stamford Place space was relinquished by Philip Morris Management Corp. and by GreenPoint Mortgage Funding, Inc., a subtenant of Philip Morris. As part of the transaction, GreenPoint, a national residential mortgage lender, signed a direct lease with W&M for a 12,072-sf office on the third floor of 100 First Stamford Place.

“These complex transactions were accomplished smoothly and efficiently by creative corporate executives and outside professionals representing all of the tenants involved,” W&M's Newman says. “It just goes to show what quality tenants and landlords can accomplish, even in a most challenging environment. We accommodate the changing needs of our tenants day in and day out, whether that means finding expansion space within our portfolio or taking back unused space.”

W&M's Newman, JoAnn B. McGrath, Kathy Caracappa, Laurie Russell, and in-house attorney Jack K. Feirman represented the building ownership in all the lease transactions. Thomson was represented by Scarcella and Ray Meglio, vice president real estate.Senior Directors Stephen F. Baker and Paul H. Kaufman of Cushman & Wakefield of Connecticut, Inc. represented GreenPoint Mortgage Funding, Inc. in its direct lease relocation to 100 First Stamford Place. In its lease take-back negotiations with W&M, Philip Morris Management Corp. was represented by Jones Lang LaSalle's Executive Vice President John Ryan and Vice President Mary Ann Morris.

With the lease transactions, Metro Center is now 100% leased and the 100, 200 and 300 First Stamford Place properties, which are located approximately a quarter mile from the Metro Center complex and the Stamford Transportation Center are between 97% and 100% leased.