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Starwood Hotels and Resorts Worldwide Inc. will expand its global headquarters at Harbor Point in Stamford, Conn., to 430,000 square feet and will increase its workforce to 1,320, only two years after relocating to the area, according to Newmark Grubb Knight Frank, which represented the global hotel operator in the new, 20-year lease.
The expansion emphasizes Starwood’s early and ongoing commitment to the city and to Harbor Point, a historic waterfront renewal project owned and developed by Building and Land Technology (BLT). Currently employing 980 workers, the company now occupies 300,000 square feet in the development’s One StarPoint, which comprises two Class A towers. As part of the deal, Starwood also received tax credits and job-linked financing incentives from the state of Connecticut.
“Starwood Hotels’ continued investment in Harbor Point is one part a testament to the state’s pledge to attract and retain global companies here and BLT’s vision to create a waterfront masterpiece,” said NGKF Vice Chairman Neal Golden, who represented the company with Ross Perlman, senior managing director at NGKF. “The other half is Starwood’s demonstrated efforts to be a pioneering stakeholder in up-and-coming destinations worldwide.”
Starwood first committed to the property in 2009 after it hired NGKF to conduct a national search on the company’s behalf. The deal to relocate from its former White Plains, N.Y., headquarters to Stamford included multiple financial incentives from the state and reduced occupancy costs, and ultimately earned Commercial Property Executive’s first Distinguished Achievement Award for the “Best Lease” category, a national recognition. In 2012, Starwood Hotels settled into its newly renovated headquarters at OneStarPoint. Its amenities include two private fitness centers, a cafeteria and shuttle service to Stamford Transportation Center.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.