Deal Momentum Headlined by Philip Morris International’s71,484 SF Planned Headquarters Relocation
George Comfort & Sons, Inc. announced today that lease agreements totaling 120,237 square feet have been completed at 677 Washington Boulevard in downtown Stamford, CT. The three-building complex, which was completely empty three years ago, is now 95 percent leased.
In the largest of the transactions, Philip Morris International (NYSE: PM) has signed a 12-year lease for 71,484 square feet, encompassing the entire 11th and 12th floors. The company is relocating its headquarters from 120 Park Avenue in New York City and plans to take occupancy at 677 Washington Boulevard in late 2022.
In other activity at the property, XL Global Services, Inc. (AXA XL America) has signed an 11-year lease for a 21,879-square-foot portion of the 10th floor. Specializing in property and casualty insurance services, the firm plans to move from 70 SeaviewAvenue in Stamford in the third quarter of 2022. Growth equity investor General Atlantic, which opted for a portion of the 8th floor earlier this year in a relocation from Greenwich, CT, has expanded its planned presence to a total of21,879 square feet. And finally, Sandbrook Capital LLC signed a 10-year lease for 4,995 square feet on the 8th floor where it will take occupancy in the first quarter of 2022.
“We’re pleased to welcome these tenants to 677 Washington Boulevard and to be bringing the complex closer to full occupancy,” said George Comfort & Sons President and CEO Peter S. Duncan. “This property has long been regarded as a commercial centerpiece of downtown Stamford, and the recent successful leasing activity here proves that it is as appealing as ever to a range of firms across various industries.”
677 Washington Boulevard is a Class A complex located on over 12 acres. It includes the 13-story Office Tower, the seven-story Pavilion, and a three-story retail and ancillary building. It is strategically located close to I-95 and to the Stamford Transportation Center, which offers both Metro North Commuter and Amtrak rail service. Current tenants include WWE, KPMG and Perkins Eastman.
Completed in 1998 to serve as the North American headquarters of an international bank, the complex was gradually vacated over the course of a decade. George Comfort & Sons joined AVG Partners in the property’s ownership in early 2018, taking on operating and leasing responsibilities, as well as developing and executing the plan to reposition and re-lease the buildings. Today’s announcements represent a major step forward in cementing the property’s standing as the center of downtown Stamford. As part of ownership’s ongoing repositioning program, upcoming plans for site include the development of a 400-unit apartment building with an additional retail component.
Building ownership was represented in-house in all transactions by Mr. Duncan and Dana Pike. Representing Philip Morris International were Richard Bernstein and Steven Baker of Cushman &Wakefield; XL Global Services was represented by Trip Hoffman of Cushman & Wakefield; General Atlantic was represented by Rob Martin and Paul Kauffman of Jones Lang LaSalle; and Sandbrook Capital was represented by Adam Klimek and William Montague of Cushman & Wakefield.
About George Comfort & Sons
Founded in 1919, George Comfort & Sons, Inc. specializes in acquisitions, asset and property management and brokerage, and offers full service leasing, construction, finance and development capabilities. It owns and operates a commercial real estate portfolio in excess of 13.5 million square feet. In addition to its New York headquarters, it has offices in Purchase, NY and Stamford, Conn. For more information about George Comfort & Sons, Inc., please visit www.gcomfort.com.
About AVG Partners
Based in Beverly Hills, AVG Partners was formed in 1997 to invest in commercial properties throughout the U.S. Today the firm’s portfolio includes over 200 properties in 22 states, totaling approximately 10 million square feet. The firm is led by three principals and features a professional team with over 150 years of combined experience, with backgrounds in real estate law, taxation, finance, real estate underwriting and capital markets.
