Davis Marcus Partners Starts $75M Spec Office Project

David Fiore, SVP for Davis Marcus Partners, says the total project cost is more than $75 million. Fiore, who runs the company's Westchester-Fairfield operations out of its Norwalk regional office, says work has started on its 40 Danbury Rd. building, which will total 161,500 sf. He adds that its 60 Danbury Rd. building totaling 81,950 sf is fully funded. Prudential Real Estate Investors is a joint venture partner on the Wilton Corporate Park expansion project.

While work now under way includes fitting for parking facilities for 40 and 60 Danbury Rd., actual erection of steel for the latter property is scheduled to begin in December. "Commencement of this ground-up development project reflects our confidence in the Fairfield County economy and office market, which are among the strongest in the nation," Fiore says. "Davis Marcus has been extremely successful attracting a prestigious roster of tenants to Wilton Corporate Park, one of the most sought-after locations in Fairfield County. We are optimistic that we can achieve the same level of success at the 40 and 60 Danbury Rd. properties."

The existing properties at Wilton Corporate Park--50 and 64 Danbury Rd.--total 280,000 sf and are fully leased. Among its tenants include AIG, Ryan Partnership and Connolly Consulting.

"Market indicators are pointed toward growth. With the Towers office complex and Merritt 7 almost fully leased, and with a lack of any large blocks of class A space available, the opportunity is here and now," Fiore notes, "Rents in central Greenwich now exceed $100 a sf and Stamford CBD is pushing $50 per sf. Wilton Corporate Park provides an ideal alternative for our business community with an appealing location, a superior level of construction and a significantly lower lease rate than Greenwich and Stamford."

Jeffrey Gage, SVP and Ed Tonnessen, EVP, of Albert B. Ashforth Inc. are the exclusive leasing agents for 40 and 60 Danbury Rd. Gage tells GlobeSt.com that the asking rent at the 40 and 60 Danbury Rd. buildings will be $40 per sf plus electric.

"I am every excited about the market. Right now we are talking to a couple of full-building users and three partial building users of 50,000 sf or greater," Gage says. He notes that several prospective tenants are looking to occupy both properties. If such a deal were finalized, the December construction start date on the 60 Danbury Rd. building would be accelerated.