Advanced Aesthetics, Principal Financial Sign Deals in Norwalk

Advanced Aesthetics is expected to move into the complex, which will serve as the company's corporate headquarters, by late 2005 or in January 2006. The firm offers cosmetic surgery, dentistry, dermatology and hair and skin care services.

John Hannigan and Robert Hooper of Choyce Peterson of Stamford represented the tenant. JoAnn Brennan-McGrath, director of leasing at Merritt 7, acted on behalf of the ownership, which is a joint venture between the New York State Teachers' Retirement System and Fairfield Investors Inc.

"AAI selected the Merritt 7 complex after an intensive review process that included several well-located first class office properties in the Norwalk and Westport markets," Hannigan says. "In the end it was the complete package--amenities, location and the landlord's willingness to accommodate AAI's needs that allowed them to decide on the Merritt 7 complex as the right place to establish their presence in the region."

Principal Financial has signed a lease for 11,928 sf of space at 501 Merritt 7--the company's first office in Fairfield County. Peter Smith, regional managing director of the Northeast Region for Principal, says "recent building renovations and outstanding property amenities were a big draw."

Cushman & Wakefield executive director Paul Kauffman and senior director Stephen Baker represented Principal Financial. Brennan-McGrath represented the ownership. PFG is expected to take occupancy by the end of this year or sometime in January 2006.

To accommodate both transactions, Merritt 7 executed an early termination agreement with Debis, the credit division of DaimlerChrysler. Brennan-McGrath says the 501 Merritt 7 building is currently 100% leased, but in January 2006, 31,000 sf of space currently leased by Olin Corp. will become available. Another 85,000 sf of space may become available for lease in January 2007, she adds.