Staples Communications inks Reservoir Center deal

Real Estate Weekly, April 19, 2000

Cushman & Wakefield of Connecticut, Inc. represented The Davis Companies in a lease negotiation with Staples Communications.

Staples Communications, an integrator of advanced communications solutions and a division of Staples, The Office Superstore, recently announced that it is currently building out the space for its new headquarters location and will lease the entire fifth floor and part of the fourth floor of Reservoir Corporate Centre. The company will move from its current location at 472 Wheeler Farms Road in Milford.

Reservoir Corporate Centre, developed in 1999 by The Davis Companies in partnership with Prudential Real Estate Investors and in association with David A. Mack Properties LLC, is a 400,000 square-foot Class A office complex located at 4 Research Drive, between exits 11 and 12 of Route 8. Phase I of Reservoir Corporate Centre is now over 90 percent committed, with Staples Communications as the most recent major transaction. An additional 264,000 square-feet of office space (Phase II and Ill) is already approved for future development.

"Located within the technology corridor, Shelton is an attractive location for growing companies such as Staples," said Kevin Foley of Cushman & Wakefield of Connecticut, Inc. "The amenities, efficient floor layouts and ability to expand make Reservoir Corporate Centre a strong choice for high-tech companies."

According to the Research Consulting Services Group of Cushman & Wakefield of Connecticut, Inc., construction rebounded in 1999 and continues in 2000. In 1999, four new buildings totaling over 350,000 square feet were completed. Reservoir Corporate Centre was the largest completed construction project in Fairfield County during 1999.

"Last year more than 25 percent of all office real estate leases were signed by Internet, technology and communications companies. Buildings such as Reservoir Corporate Centre that can meet the technology and telecommunications needs of companies will continue to command more interest," said Kenneth M. Krasnow, regional managing director of Cushman & Wakefield of Connecticut, Inc.