UST (formerly United States Tobacco) recently said it was putting the property on the market for sale and shifting its headquarters staff of 350 workers from its Greenwich property to approximately 138,000 sf of leased space at 6 High Ridge Park in Stamford.
Cushman & Wakefield of Connecticut executive director Paul Kauffman says the Greenwich property consists of three buildings, the main headquarters building which totals 148,803 sf; the 3,206-sf Museum Building; and a 6,268-sf office building at 17 Field Point Rd. The main building was built in 1970 with the additions completed in 1982, he says.
Working on the assignment along with Kauffman are Andrew Merin, vice chair; Gary Gabriel, executive director; and Patrick Colwell, senior director of Cushman & Wakefield's Capital Markets Group.
UST expects to vacate the 100 W. Putnam Ave. building by the end of the summer of 2007. Kauffman says the firm hopes to close on the sale of the property sometime during the first quarter of 2007. The sale of the building is part of a company-wide effort dubbed "Project Momentum," UST officials state. The building sale proceeds will be reinvested into the firm's moist tobacco and premium wine businesses.
"We see this as a great opportunity for a user to buy a trophy building in Downtown Greenwich or an investor to acquire a new asset in a growing market," Kauffman notes. Rents for class A space in Downtown Greenwich are averaging between $90 to $100 per sf and are expected to increase heading into 2007.
Late last month, UST announced its intent to remain in Connecticut. Its decision was based in part on incentives offered by the state. In October, Gov. M. Jodi Rell issued a statement that UST would remain in the Nutmeg State. At that time she reported that the state's incentive package included a $3-million low-interest loan for leasehold improvements and equipment, up to $950,000 in Urban and Industrial Sites Reinvestment Tax Credits and Enterprise Zone Benefits for the new location.
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