X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORWALK, CT-Emcor Group Inc., a mechanical and electrical construction firm, has expanded its presence at the Merritt 7 Corporate Park here to 38,650 sf. The firm signed an early lease renewal for its 32,500-sf corporate headquarters as well as a new lease for an additional 6,150 sf. Albert D. Phelps Inc., the managing and leasing agent for the 1.4-million-sf complex, reported the 10-year lease deal.

Emcor Group, a Fortune 500 company with nearly $6 billion in annual revenues, currently occupies the entire sixth of Building 301 and will now also take space for a portion of the fifth floor. Emcor’s new lease at Merritt 7 was signed 15 months before its prior lease was set to expire, Albert D. Phelps officials say.

“We’re pleased to have been able to accommodate Emcor’s additional corporate headquarters space needs,” says JoAnn Brennan McGrath, director of leasing for Merritt 7. “Tenant retention is a top priority at Merritt 7 and we are committed to fulfilling each specific requirement. These efforts include restructuring deals and offering companies the flexibility to grow within our complex.”

In fact, to make the new deal work, the ownership of Merritt 7 negotiated an early buyout with LaSalle Bank for the expansion space Emcor required. The property is owned by Merritt 7 Venture LLC, a joint venture partnership between the New York State Teachers’ Retirement System and Fairfield Investors. ING Clarion Partners LLC, is the asset manager for the complex.

Christopher O’Callaghan, a senior director with Cushman & Wakefield who represented Emcor in the transaction, says, “Emcor is dedicated to providing its employees with the finest facilities available, with technologically advanced infrastructure, a sustainable workplace environment, and superior amenity package. The landlord was extremely accommodating in providing the necessary expansion space for Emcor, having crafted a deal that worked for all parties involved.”

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.