STAMFORD, CT-Building and Land Technology of Norwalk, as part of its previously reported lease deal with GE Energy Financial Services for BLT’s 800 Long Ridge Rd., has purchased the GE unit’s 120 Long Ridge Rd. office complex. In an exclusive report published on Friday, GlobeSt.com revealed that GE Energy Financial Services had leased approximately 275,000 sf at the former Xerox HQ at 800 Long Ridge Rd., according to knowledgeable sources.
Building and Land Technology, which purchased 800 Long Ridge Rd. in late 2006 for about $55 million, had no comment, nor did a spokesman for GE Energy Financial Services. Later that day, Building and Land Technology in a prepared release confirmed the lease deal but also reported that it had acquired the existing GE Energy Financial Services’ complex at 120 Long Ridge Rd., which consists of approximately 300,000 sf of class A office space and the right to develop additional buildings on the 60-acre parcel.
No financial terms of the purchase of 120 Long Ridge Rd. were released. BLT also owns 260 and 292 Long Ridge Rd. nearby, which total another approximately 250,000 sf of office space. Alex Urquhart, president and CEO of GE Energy Financial Services states that “GE Energy Financial Services is delighted to make the move to accommodate our rapid business growth, with out 290 employees in Stamford.”
BLT president and CEO Carl Kuehner, III, notes that the firm now owns four buildings on the west side of Long Ridge Road in Stamford. He states that the lease deal and purchase were high water marks in both categories for the firm in 2007 and conform to its strategy of “purchasing and repositioning value-added properties in high-profile areas of Fairfield County that offer ease of access and a full range of amenities.” He adds that his firm has already received inquires from potential tenants for the individual buildings and for the entire 120 Long Ridge Rd. complex.