Albert B. Ashforth's Jeff Gage, senior vice president, and John Stoddard, associate, represented Modem Media in the four-year sublease transaction. James Randel, president of Rand Real Estate Services, represented Velocity.
Modem Media, an interactive marketing services firm, signed a lease for the entire 117,000-sf building in 1999. Sometime thereafter, the firm put several floors on the sublease market shortly after taking occupancy. The property serves as the corporate headquarters for the firm.
Ashforth's Gage says that the space had been retrofitted by Modem Media for its purposes and therefore was unique space that was difficult to market. In the end, Velocity, which had looked at the 230 East Ave. property when the Modem Media sublease space first came on the market but decided to do a sublease deal in Wilton, came back to the property upon the expiration of its sublease at its 10 Westport Rd. building.
Velocity's space is primarily on the third floor of the four-story building that is the former Norwalk Factory Outlet building located adjacent to the East Norwalk train station. The property was constructed as a manufacturing plant in 1910, converted to a retail outlet and was redeveloped as an office building in 1999.
Velocity Sports & Entertainment is a sports and entertainment marketing agency that has offices in Atlanta, Chicago, San Francisco, Washington, DC and the UK. Modem Media, a subsidiary of Digitas Inc., has offices in San Francisco and London.
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