Pitney Bowes Sticks with Stamford

STAMFORD, CT—Pitney Bowes stuck to its commitment to remain in Stamford, its longtime hometown, opting for the Ashforth Co.'s 3001 Stamford Square as its new global headquarters. The document and information technology management company announced last summer that it would sell its headquarters at 1 Elmcroft Rd., which it had occupied since 1985.

Pitney Bowes will occupy about 74,000 square feet on the top two floors of the 290,000-square-foot 3001 Stamford. Managing director Ed Tonnessen of JLL, the property's exclusive leasing agent, told the Stamford Advocate newspaper that the new tenant spent “several months” searching for new headquarters before agreeing to a long-term lease for the space. In that search, Pitney Bowes was represented by Tom O'Leary, senior director at Cushman & Wakefield.

During the search, Pitney Bowes reached a deal with the state to receive financing in exchange for staying in Connecticut. Gov. Dannel Malloy said last November that the deal provides a $15-million loan and tax credits of as much as $12 million, and forgiveness of $10 million of that loan if the company adds 200 jobs in Connecticut within five years. Pitney Bowes currently employs about 1,600 people in Stamford, Danbury and Shelton.

Prior to Pitney Bowes signing on the dotted line, 3001 Stamford was about 34% leased to tenants including KPMG, Genworth and Navigators, Tonnessen told the Advocate. About 125,000 square feet of space is still available for lease at the property, which underwent a repositioning at the end of 2012.

Pitey Bowes has been based in Stamford since a 1920 merger between companies originally founded by Arthur Pitney and Walter Bowes. It's expected to move into its new headquarters in late summer.