Wilton center set for development

Real Estate Weekly, April 4, 2001

Unanimous approval for 465,000 SF office park

After a lengthy public rezoning, review and approval process, an affiliate of The Davis Companies was granted approval to fully develop its newest Class A office park in Fairfield County, the 465,000 SF Wilton Corporate Park.

Located on Route 7, just north of the Merritt Parkway, the 33-acre Wilton Corporate Park currently contains over 260,000 square feet of Class A office space in two buildings, 50 and 64 Danbury Road. The approvals allow The Davis Companies to develop 200,000 square feet of additional Class A office space in two new buildings: the 125,000 square foot 40 Danbury Road and the 75,000 square foot 60 Danbury Road. Amenities on the campus include an outdoor clay tennis court, a basketball court, a sand volleyball court, a 3 1/2 acre picnic area, and a walking/jogging trail.

"We are delighted that we received approval to continue to build upon our past successes in the Route 7 corridor. We are now in the position to deliver the new buildings for occupancy within less than a year's time," said Davis Senior Vice President David Fiore. "Wilton Corporate Park is a very unique opportunity. It is the only true campus setting available today in central Fairfield County that is in the position to offer a variety of major blocks of first class office space."

Since acquiring the headquarters property from PE Corp. last May, The Davis Companies has commenced a $9,000,000 capital improvement program as part of the repositioning of the Park's main building, the 220,000 square foot 50 Danbury Road, into a first class multi-tenant office building. In December 2000, AIG Financial Products Corp. became the first major tenant to sign a long-term lease at 50 Danbury Road. The newly renovated 50 Danbury Road is available for occupancy as soon as this fall.

"We are currently in active discussions with several prospective tenants with requirements ranging from 2,000 to 200,000 square feet," said Mr. Fiore referring to Davis' leasing activities. "Wilton Corporate Park is proving to be an exceptional value when compared to other locations. It offers the advanced telecommunications services and redundant power sources necessary for today's businesses - while at the same time providing attractive amenities for a productive and pleasant work environment."

In the past, Davis has bought and renovated other corporate properties in Wilton, including the former Dun & Bradstreet building at 187 Danbury Road and the Commonfund Building at 15 Old Danbury Road.