Jones Lang LaSalle Completes 2 Deals Totaling 63,000 SF for Gen Re at 120 Long Ridge Road in Stamford, CT
Statoil subleases 56,000 SF & Fuel Tech subleases 7,000 SF at reinsurer’s 310,000-square-foot corporate headquarters facility
NEW YORK, NY – January 17, 2011 – (RealEstateRama) — Jones Lang LaSalle has completed two sublease deals totaling 63,000 square feet for General Re Corp. at 120 Long Ridge Road, also known as Long Ridge Corporate Center, in Stamford, Conn. The reinsurance firm subleased 56,000 square feet to Statoil and subleased 7,000 square feet to Fuel Tech Inc. for 10 years at the 310,000-square-foot, Class A office building.
Gen Re, which triple net leases the building from Building and Land Technology of Norwalk, Conn., was represented in the Statoil and Fuel Tech transactions by Brian Higgins and Chris Kraus, managing directors, both with Jones Lang LaSalle’s New York office; and Ethan Rice and Pat Lennon, both with the firm’s Stamford office. Statoil was represented by Colin Riley of CB Richard Ellis Inc. Fuel Tech was represented by George Walker, senior vice president, and John Stoddard, vice president, both with Jones Lang LaSalle’s Stamford office.
“Jones Lang LaSalle has a long-term relationship with Gen Re, having represented the company in its original relocation to 120 Long Ridge Road,” said Higgins. “We knew the property well from our previous work with the client and, leveraging our contacts in the marketplace, located two exceptional tenants seeking top-notch office space in Stamford.”
“Jones Lang LaSalle was able to sublease space for Gen Re to two credit tenants that appreciated the high quality of the office building and our management of the property,” said Michael A. Rea, vice president with Gen Re. “The office complex was recently cited by BOMA’s Southern Connecticut chapter as the 2010 Office Building of the Year in its category.”
Statoil subleased 56,000 square feet at 120 Long Ridge Road for 10 years, occupying a portion of the second floor and the entire third floor in the east wing of the office building, which is located between Cross and Spring roads. The oil company is relocating to the property from 1055 Washington Boulevard in Stamford.
Fuel Tech subleased 7,000 square feet at 120 Long Ridge Road for 10 years, occupying a portion of the third floor of the building’s north wing. The company is relocating to the office building from its existing facility in downtown Stamford.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2009, the New York tri-state team completed approximately 21 million square feet in lease transactions, concluded property sales transactions valued at more than $1.75 billion, managed projects valued at more than $4 billion, and oversaw a property and facilities management portfolio of 76 million square feet.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com
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