The Business Journals - Week of July 25, 2022

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AWARD WINNING EDITORIAL

INCLUDING THE HUDSON VALLEY

JULY 25, 2022 VOL. 58, No. 30

westfaironline.com

Q2 leasing activity down 43% in Fairfield County’s office market

NEW 28-STORY 352-UNIT RXR BUILDING OPENS IN NEW ROCHELLE

BY PHIL HALL Phall@westfairinc.com

F

airfield County recorded 313,000 square feet of office leasing activity during the second quarter of this year, according to new data published by CBRE. This is down 43% from the previous quarter and 36% behind the region’s five-year quarterly average — although it also is a 20% yearover-year improvement. The region’s availability rate during the second quarter registered a 110-basis-point uptick from the first quarter to 27.7%, the highest level in more than 10 years, after experiencing 423,000 square feet of negative absorption. CBRE attributed this to large space additions in the Stamford CBD, partic-

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ularly the 326,000-square-foot block at 400 Atlantic St. and an 88,000-square-foot block of sublet space at 333 Ludlow St. The volume of available sublease space totaled 2.57 million square feet, which accounted for 23% of all available space. During the second quarter, Class A space accounted for 85% of all leasing activity, with renewals outpacing new leases among the transactions. Four of the five largest transactions of the quarter were renewals: Indeed’s 150,273 square feet at 177 Broad St. in Stamford; Merrill Lynch & Co.’s 52,318 square feet at 301 Tresser Blvd. in Stamford; Indeed’s 48,058 square feet at 107 Elm St. in Stamford; and Philips Domestic Appliance & Personal Care’s

FAIRFIELD COUNTY

BY PETER KATZ Pkatz@westfairinc.com

O

ne Clinton Park, RXR’s newest building in downtown New Rochelle, was already about one-third leased by July 18 when a ribbon-cutting ceremony was held to formally mark the opening of the 28-story structure. As city officials, representatives of RXR and invited guests gathered in the lobby of the new building at 55 Clinton Place, crews from Louis Cappelli’s LRC Construction were at work

Top, One Clinton Park at left with Two Clinton Park under construction at right. Bottom, One Clinton Park main entrance and plaza. Photos by Peter Katz. just across the plaza on Two Clinton Place, another RXR tower expected to open in about a year. In addition to 352 apartments in a mix of studio to three-bedroom units, One Clinton Park offers about 12,000 square feet of retail space, 17,000 square feet of open space, outdoor terraces,

a dog park and parking beneath the building. There are resident lounges, a bike and yoga studio, children’s playroom, co-working space, an outdoor sunbathing area and a speakeasy named Gibson’s that is named after Charles Dana Gibson, a popular illustrator for Life magazine

NEW ROCHELLE

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400 Atlantic St. in Stamford. Contributed photo.

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