Merritt 7 Announces Nearly 50,000 Square Feet in Leases in Q1 2021

Frontier Communications and Real Estate University Sign Long-Term Leases at the Norwalk office park

New York, New York, UNITED STATES


NORWALK, Conn., May 10, 2021 (GLOBE NEWSWIRE) -- Clarion Partners, LLC and Marcus Partners today announced that Frontier Communications (“Frontier”) and Real Estate University both signed leases at Merritt 7 at the end of Q1 2021, with transactions totaling nearly 50,000 square feet. Frontier will occupy 48,000 square feet in building 401, and Real Estate University will occupy a 1,259-square foot suite in Building 101. David Block of CBRE represented Frontier, while ownership was represented by Thomas Pajolek and Ned Burns of CBRE, along with David Fiore and JoAnn McGrath of Marcus Partners.

“Frontier is excited to have our headquarters remain at Merritt 7. After touring the market to find the best fit for our firm in the post-pandemic office world, Merritt 7 stood above all the competition,” said Jim Campbell, GVP of Frontier Communications. “The renovations to the outdoor plaza, new indoor-outdoor flex spaces and newly upgraded Metro North station on-site were key factors for us, as well as Merritt 7’s advanced dual air filtration system. All of these features confirmed that Merritt 7 was the best choice in the Fairfield county market.”

Merritt 7, a six-building, 1.4 million square foot office park, is in the midst of a comprehensive improvement plan designed by renowned architectural firm Gensler. The upgrades include a new plaza, a new multi-purpose center offering tenants a versatile, open lounge space and relaxation area, as well as a flexible conferencing facility that can accommodate a variety of meeting requirements. The space also provides direct access to the outdoor plaza via a retractable glass wall. Building 601 boasts a newly modernized lobby featuring curated art, with additional new flex spaces currently underway. The park boasts over 60,000 square feet of outdoor amenity space, including 30,000 sf in the 501/601 plaza, as well as nearly 10,000 sf of flexible indoor meeting and conferencing space, providing tenants with a variety of different areas to utilize without expanding their footprint. Conference and meetings spaces can accommodate events from 10 to 250 attendees.

“We are delighted that Frontier Communications will be keeping its headquarters at M7 and are thrilled to welcome Real Estate University to our diverse array of tenants,” said Margaret Egan, Clarion Partners’ Senior Vice President of Asset Management. “The renovation program and abundance of assorted meeting spaces and outdoor recreation areas have been well-received by tenants, and our state-of-the-art dual air filtration system and rigorous COVID re-entry protocols are giving tenants and prospects an added level of comfort and confidence in our property.”

Merritt 7’s advanced air filtration system, which had been in place prior to the onset of COVID, has become a focal point for users as they re-enter the market and seek to address their long-term occupancy needs. The system utilizes dual MERV-8 and MERV-15 filters, the latter being above and beyond current COVID-19 best practices. MERV-15 filtration is the same grade used in general surgery settings.

“As air quality and HVAC systems become higher priority, the advanced technology and comprehensive filtration process at Merritt 7 has impressed both prospective and current tenants. Our tenants were incredibly pleased to learn that the air filtration in all of our buildings is comparable to the air quality in a general surgery environment,” said John Busby, Marcus Partners’ head of property management. “Our system introduces 20% fresh air throughout the day and purges 100% of the air after hours. Current and prospective tenants feel re-assured once they learn about our system and process. The response has been phenomenal.”

Merritt 7 can accommodate a vast range of tenant requirements. Current opportunities include move-in ready units ranging from 2,123-square foot pre-built penthouses and fully built 40,000-square foot office-intensive installations with flexible lease terms. A contiguous block of up to 158,000 square foot is also available at Building 601, where additional renovations continue to make headway.

Merritt 7 is located immediately off the Merritt Parkway in close proximity to Fairfield County’s appealing and varied amenities. The property has its own dedicated on-site Metro North station, which is undergoing significant upgrades and is slated to open in 2022. Major tenants at Merritt 7 include Hearst, Datto, EMCOR, Financial Accounting Foundation (FAF), Jarden, IPSOS, Mercer, Millward Brown, Aon, Xerox, and Siemens. 

About Merritt 7 Corporate Park:
Located on a 22-acre campus setting along the Norwalk River, Merritt 7’s six buildings feature 60,000 square feet of curated outdoor amenity space, technologically advanced infrastructure, sustainable design features and extensive on-site amenities; including Starbucks Cafés, a fitness center, private commuter shuttle, multiple cafés and food halls, a hair salon, car wash, shoeshine services and nearly 10,000 square feet of indoor conferencing and meeting spaces. Merritt 7 has been recognized and awarded for its energy conservation efforts, including LEED EB certification by the U.S. Green Building Council (USGBC) for buildings 101, 301, 401, 501 and 601, the EPA’s Energy Star rating, and is currently pursuing Fitwel certification. For more information, visit merritt7.com. 

About Clarion Partners:
Clarion Partners, LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading real estate investment manager for over 38 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With $56.8 billion in total assets under management, Clarion Partners offers a broad range of both equity and debt real estate strategies across the risk/return spectrum to its more than 500 domestic and international institutional investors. More information is available at www.clarionpartners.com

About Marcus Partners:
Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development. The firm is based in Boston, with regional offices in Metro New York City and Metro Washington, D.C. The firm focuses on strategic and opportunistic investment strategies across multifamily, industrial, life science and other property types where it can create value and maximize risk-adjusted returns. Its current portfolio includes approximately seven million square feet of commercial real estate along the East Coast. For more information, please visit www.marcuspartners.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8a82ef9-76e4-4bae-bdf6-32197939d712

 
Building 501 at Merritt 7, overlooking the newly redesigned 35,000-square foot outdoor plaza.

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