FactSet Research Signs for 126,000 SF at Merritt 7 Corporate Park

The company, a provider of global financial and economic information, is relocating from leased space in Greenwich at 1 Greenwich Plaza, where it occupies approximately 38,000 sf; First Stamford Place in Downtown Stamford where it leases approximately 33,000 sf and on Cummings Point Road in Stamford where it leases 19,500 sf. FactSet officials say the company expects to take occupancy of its new headquarters offices by September.

FactSet's chairman and CEO Philip A. Hadley says of the deal, "After more than a two-year search through Fairfield and Westchester counties and analyzing nearly 20 different locations, we reached the conclusion that Merritt 7 was the best solution due to its convenient location, flexibility for expansion and wide range of amenities and services."

FactSet was represented by Jeff Gage and Ed Tonnessen of Albert B. Ashforth Inc. of Stamford. Officials with Albert D. Phelps Inc., represented the building ownership Merritt 7 Venture LLC.

John Gross, vice president of corporate development for FactSet, says that the company took a hard look at offices in the Greenwich/Stamford area, and even reconsidered renewing its leases before deciding to consolidate its Connecticut offices at 601 Merritt 7. The 601 Merritt 7 building totals approximately 256,000 sf and is the newest of the six buildings at the 1.4-million-sf Merritt 7 Corporate Park.

During its protracted search process, FactSet at one time was believed to have been one of the anchor tenants for the yet-to-be built Connecticut Place office tower in Downtown Stamford. The company also considered a number of properties in Westchester County, both existing and build-to-suit. Gross notes, however, that the company for some time has been focused exclusively on properties in Connecticut.

FactSet expects to move approximately 350 employees and anticipates creating more than 150 new jobs in the state sometime in the future. The company employs 800 workers worldwide and has offices in New York City, Chicago, Boston, San Mateo, CA, London, Tokyo, Frankfurt, Paris, Australia and Hong Kong.

By choosing to stay in Connecticut, FactSet is eligible for up to $7 million in tax credits under the state's Urban Reinvestment Tax Credit Program. Oley Carpp, managing director with Connecticut's Department of Economic and Community Development (CDECD), says that a final agreement between FactSet and the state has not been finalized.