Cushman & Wakefield of Connecticut, Inc

Real Estate Weekly, April 5, 2000

Cushman & Wakefield of Connecticut, Inc. has been appointed by The Baker Companies as the exclusive leasing agent for 1.5 Progress Drive in Shelton, a 46,240 square-foot free-standing office/flex building located in Research Park. the epicenter of Connecticut's growing technology corridor.

Trip Hoffman and Kevin Foley of Cushman & Wakefield of Connecticut, Inc. are advising and representing the building owner, The Baker Companies, which owns and manages more than 3 million square feet of commercial properties in Connecticut, New York and New Jersey.

"We selected Cushman & Wakefield as the exclusive agent for 15 Progress Drive based upon its proven track record with our company on a number of transactions throughout the tri-state region. In addition, Cushman & Wakefield's broad range of tenant relationships and successful brokerage presence in the Shelton market will provide value market penetration for us," said Philip King, vice president and general manager of The Baker Companies.

Designed to offer flexibility, 15 Progress Drive features 23,495 square feet of office space and 22,745 square feet of warehouse/manufacturing space. The building offers a campus setting, is fully air conditioned and the warehouse space offers 24-foot clear ceiling heights with excellent trailer loading and parking.

"15 Progress Drive is highly functional, occupies an ideal location within the Shelton market and represents an excellent value for companies that require various business functions in one location," said Hoffman, a director of Cushman & Wakefield of Connecticut, Inc. "In addition, the Shelton technology corridor offers many amenities including access to highways, shopping and restaurants as well as prospective employees."

"Shelton is becoming a strong suburban office and flex related market. The increase in companies entering the area will continue to drive demand for flexible space that will accommodate their needs," said Kenneth M. Krasnow, regional managing director of Cushman & Wakefield of Connecticut, Inc.

Evidencing this strong real estate demand, Hoffman and Foley recently represented The Davis Companies in a 50,000 square-foot lease with Staples Communications for a new headquarters location at Reservoir Corporate Centre in Shelton. This site is also located in Research Park, immediately adjacent to 15 Progress Drive.