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SHELTON, CT-Coming on the heels of a revitalization program of an office property left vacant by the bankruptcy of its two major tenants, CB Richard Ellis has arranged a 31,500-sf lease at 8 Progress Dr. in Shelton, CT. The New England Technical Institute, a fully accredited college offering a variety of technical programs, has committed to the property for a term of 10 years. The total lease value is in excess of $5 million. NETI is the second tenant making a commitment to 8 Progress Dr. in as many months. Most recently, NORESCO, a leading energy service company, signed a five-year, 6,132-sf lease at the building. The institute will establish a new branch location at the 63,000-square-foot office property located in the heart of Shelton, CT. Currently the school, established in 1940, has locations in Cromwell, Hamden and New Britain, CT.

The CBRE team of Sean Cahill, Sean McDonnell and Michael Dillon, the exclusive agents for 8 Progress Drive, represented the ownership, Winstanley Enterprises of Concord, Massachusetts in the negotiations. Colonial Realty represented New England Technical Institute in the transaction.

In addition to the capital improvements recently undertaken at 8 Progress Dr., which included the installation of a completely new roof and HVAC system, a renovation of the lobby and an upgrade of all the lavatory facilities, the property also offered New England Technical Institute ample parking and the space and zoning to accommodate their unique requirements.

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