FCBJ 05/05/14

Page 1

FAIRFIELD COUNTY

BUSINESS JOURNAL YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS | westfaironline.com

FCBJ this week COMPUTRONIX Technical help and software support fills a niche in Stamford … 3 LEGISLATIVE BACKLASH The CBIA weighs in on a handful of proposed bills … 11 THE ART OF HEALING Valerie Cooper weds the worlds of medicine and fine art … 14 NEWSMAKERS Promotions, awards and more from regional colleagues … 24

MEDIa ParTnEr

May 5, 2014 | VOL. 50, No. 18

GRADING ECONOMIC RECOVERY

BY CRYSTAL KANG ckang@westfairinc.com

A

Federal Reserve official visited the University of Bridgeport recently to share his views on the nation’s economy, painting a picture of a sluggish yet steadfast recovery held back by the nature of its preceding crisis. Joseph S. Tracy, executive vice president and senior adviser to the president of the Federal Reserve Bank of New York, which oversees a district including Fairfield County, drew a captive audience of 80 as he delved into measures of the economy’s health at a university-hosted seminar. He prefaced his presentation with a remark about how poorly the university would grade the recovery based on where it stands now. “This has been a fairly disappointing recovery and expansion when we grade it » Grading, page 6

Federal Reserve Bank of New York Executive Vice President Joseph S. Tracy, left, receives a gift of appreciation from Lloyd G. Gibson, dean of the University of Bridgeport School of Business.

COMMErCIaL aPPEaL BY BILL FALLON Bfallon@westfairinc.com

EMPIRE STATE REALTY TRUST, which owns the Empire State Building and which was organized and went public in October, has ditched King Kong as an attention-getter in favor of amenityfilled class A space, including five buildings in Fairfield County. Fay Wray may have been the apple of Kong’s eye, but

today its eye-catchers like concierge services, proximity to a train and gleaming construction and landscaping that seal the deal. The Empire State Realty Trust portfolio consists of 12 office properties and six standalone retail properties totaling some 8.4 million rentable square feet. It is classified a real estate investment trust and employs about 600 in a business plan that involves ownership,

RealTY TRUST TaPS SoCieTal ShifTS

operations, even cleaning, all in-house. In Fairfield County, the company’s class A buildings include First Stamford Place and Metro Center by the train station/transit hub in Stamford; MerrittView on Main Avenue in Norwalk; and a string of retail buildings in Westport: 69-97 and 103-107 Main St. The company also owns a pair of office buildings in White Plains, N.Y., on Mamaroneck Avenue and Bank Street.

The company’s seven Manhattan properties feature the marquee Empire State Building. Business is good. “Our fourth quarter (2013) was strong, with over 415,000 square feet leased portfoliowide,” said Tom Durels, Empire State Realty Trust executive vice president. “New York City has always been transit-oriented and that is a big part of our company’s philosophy,” Durels said. » Commercial, page 20

+

8 Brick, mortar, style The American Institute of Architects praises area buildings

+

19 Harbor Point New building in progress

NEWS NOON @

Sign up now at westfaironline.com


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
FCBJ 05/05/14 by Westfair Business Journal - Issuu