BLT Acquires Former Pitney Bowes HQ

STAMFORD, CT—Building and Land Technology has increased its holdings here, acquiring the former Pitney Bowes corporate headquarters for nearly $39 million.

The locally-based development firm reports it has acquired the vacant 550,000-square-foot Class A office building at One Elmcroft Rd. from Pitney Bowes. A spokesman for BLT confirmed the company paid $38.5 million for the office asset.

The property, designed by I.M. Pei & Partners, is located at the tip of the South End peninsula and is adjacent to BLT's Harbor Point mixed-use development.

“We remain bullish on Stamford and are delighted to make this new investment in the office market here,” says Carl R. Kuehner, III, CEO of BLT. “This is a spectacular opportunity to own and redevelop an outstanding asset that will meet the needs of today's companies. In addition to providing a first class office environment, 1 Elmcroft will enjoy all the benefits of Harbor Point's dynamic waterfront lifestyle, including our newly-constructed apartments, diverse retail and restaurants, parks, and community events.”

Kuehner adds that there is strong demand for the remaining office availabilities at Harbor Point, which should translate into leasing activity at One Elmcroft.

Within the past five years, the Harbor Point peninsula has been transformed by the addition of more than 2,300 apartments, several hundred thousand square feet of Class A office space, and more than 30 new retailers, including Fairway Market, Exhale Fitness, and a dozen restaurants.

“Stamford is a bright spot for the Connecticut economy, and we are proud to have secured long-term commitments from tenants like Deloitte, Starwood, and XL Reinsurance by offering high quality space, excellent access to transportation, and the lifestyle amenities that help these companies grow and attract top talent,” Kuehner says. “We are confident that 1 Elmcroft Road will be a sought-after office address when we reintroduce it to the market.

Previously, BLT redeveloped the former Pitney Bowes “main plant” in the city's South End into nearly 1,000 new apartments, the noted Waterside School, and Commons Park.

One of the largest redevelopments on the eastern seaboard, Harbor Point encompasses an entire neighborhood, with a full mile of waterfront, more than 4,000 residential units and several million square feet of commercial development.