W&M Properties' officials say Aircastle is moving from offices at 1251 Ave. of the Americas to space on the fifth floor. A portion of the space is being built out. Aircastle is expected to have its full operations in place in Stamford by December, according to Jeffrey H. Newman, executive vice president of W&M, the marketing and managing agent for the property.
The space was previously occupied by Eli Lilly, which used it as a sales office. The firm vacated the space earlier this year although there was still time left on its lease. W&M officials say that it arranged a buyout with Eli Lilly for the remaining seven months of its lease, which enabled Aircastle to move into the space. The lease with Aircastle is for in excess of seven years.
"Because several of Aircastle's employees will be commuting from New York City, we focused our efforts on Southern Fairfield County," says Joel Wechsler, senior managing director of Grubb & Ellis. Along with Wechsler, Howard Grufferman, vice chairman and Kim Mowers, senior vice president of Grubb & Ellis represented Aircastle. Mark McDermott, senior vice president of Trammell Crow, represented Eli Lilly, while Newman and W&M senior leasing associate Kathleen A. Caracappa represented the building ownership.
With the deal, 300 First Stamford is 92% leased and occupied. The building is part of the 810,000-sf First Stamford Place office complex, which is approximately 97% leased and occupied.
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