Developer developing Class A space on Bridgeport waterfront

Real Estate Weekly, Oct 10, 2001 by Parke Chapman

A Connecticut property owner is hoping to spur a commercial real estate renaissance in Bridgeport.

While signs indicate that it can be done, Bridgeport has a rough reputation to overcome. The blighted city filed for bankruptcy back in 1991, and had one of New England's highest crime rates. In recent years, however, the murder rate has declined, and increased police pressure seems to be turning the city around.

Ernest Trefz, whose family has had real estate interests here for many years, is starkly optimistic that this maligned city on the Long Island Sound can--and will--deliver tenants. His recently upgraded Park City Plaza is, he believes, a crucial element in accomplishing this.

"There isn't a whole lot of Class 'A' space in Bridgeport. We've spent a lot of money to upgrade this building," said Trefz (pronounced "Trevs").

Park City Plaza is an 18-story office building located in the heart of Bridgeport. Trefz invested $3 million into the building, the centerpiece of which is an 18th floor penthouse office. This 16,500-SF space boasts a 360-degree view of Bridgeport and, on crystal clear days, it is reportedly possible to see Long Island.

"This is the finest office building in Bridgeport. It has an ideal location at the crossroads of I-95 and the Metro-North station," he said.

Bridgeport is clearly a less expensive place to rent office space than Stamford and Greenwich. Poaching tenants from these markets is part of Trefz' plans.

On top of the Plaza's parking garage, Trefz built a Japanese-style garden complete with trees and flowers. The garden also has a waterfall, pond and decorative pagoda. It is a far cry from the gritty urban world beneath it, and that is likely the point.

But the best part is the price. Trefz expects the average rents in the building -- with the exception of the penthouse -- to be around $18 a SF, including utilities. By comparison, commercial rents in Stamford are around $35 a SF for Class A space. Trefz is offering some of the least expensive Class A office space in Fairfield County.

"The top floor would be great for a single user. For the remaining floors, back office might be a good fit here, or a business' regional headquarters," said Kevin Foley, director of Cushman & Wakefield's Stamford office.

Foley also said that because the building's security and lighting were improved, the building is truly "the nicest Class A office property in Bridgeport."

He admitted that there just isn't a critical mass of this product here, however.

Another broker cited the rent as a key selling point.

"For a company within Fairfield County, $18 a foot is great back office rent. Bridgeport is central to both I-95 and the trains, so getting there would be easy," said John Goodkind, principal of Newmark's Westechester/Connecticut branch.

Several major projects are in the works or recently built in Bridgeport. A new ballpark was recently completed for $19 million, and officials are working on a multi-unit residential project here. Included in this proposal is one million SF of new office space along I-95, not far from the Park City Plaza.

The $80 million. Bridgeport Intermodal Transportation Facility is being developed here to revitalize the downtown area. Central to this project is creating a way for people to reach Bridgeport by rail, and once there to access the new ballpark and other downtown sites.

"The city has made a lot of progress of late. In fact, the city is booming right now," said Trefz.

Booming might be an overstatement, but most people agree that Bridgeport is moving in the right direction.