X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

STAMFORD, CT-In one of the largest lease transactions so far this year in Fairfield County, Purdue Pharma LP has signed a 10-year lease for 158,605 sf of space at 1600 Summer St. here. CB Richard Ellis’ Connecticut office, which represented Purdue Pharma in the lease, tells GlobeSt.com that asking rents at the property as of July were $35 per sf, while taking rents were $32 per sf with a bump in the rent after the first year.

The company’s headquarters will remain at 201 Tresser Blvd., a more than 500,000-sf building the private pharmaceutical firm owns. Approximately 400 employees will be housed at the new office GlobeSt.com has learned. CBRE would not disclose how much space Purdue Pharma occupied at the 201 Tresser Blvd. location. The deal was announced by New York City-based Benenson Capital Partners LLC, the owner of the 260,000-sf six-story 1600 Summer St. property. Richard A. Kessler, COO of Benenson Capital, says the transaction brings the office building to 100% occupancy.

When it takes over its new space in April 2008, Purdue Pharma will occupy three full floors and a portion of the first floor of the 1600 Summer St. building. Tom Pajolek, SVP of CBRE’s Westchester/Fairfield operations, represented Purdue Pharma. Trip Hoffman, Jodie Dostal and Fred Smith of Cushman & Wakefield acted on behalf of the ownership.

Commenting on its planned relocation move, Ed Mahony, EVP and CFO of Purdue Pharma says, “We investigated a number of options for office space and after weighing them all, we selected 1600 Summer St. We are confident this space will allow us to provide a pleasant and productive work environment for our employees.”

In March 2006, Benenson Capital Partners reported it was launching a multimillion-dollar capital improvement program at the 1600 Summer St. property. The program was necessary because the property’s sole tenant for the previous 15 years–General Electric Consumer Finance–moved out of the building later that year. The redevelopment was the first major capital improvement initiative at the property that Benenson Capital built in 1980.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.