Newmark Knight Frank today announced the bankruptcy auction of Reservoir Corporate Centre at Four Research Drive in Shelton, Conn. For property information, please visit newmarkkf.com/capitalgroup/4researchdrive.
The five-story, 157,776-square-foot Class A office building is situated on seven acres. Built in 1999, Reservoir Corporate Centre is a short distance from Route 8, linking the property via the Merritt Parkway and Interstate 95, to Connecticut’s most prominent residential communities.
Bidders must submit the information requested in the bankruptcy order to Newmark Knight Frank and the trustee on or before 5 p.m. on December 2, 2011. Only qualified bidders will be allowed to participate in the auction, which will take place shortly after bid submission.
Newmark Knight Frank Capital Group members David Noonan and Jennifer Schwartzman, and John Goodkind and Paul Gojkovich of the firm’s Fairfield County, Conn. office, are exclusive brokers for the sale.
“In recent years, Shelton’s reputation as a technology incubator has grown, to the point where entrepreneurs actively seek out a Shelton address for their businesses,” said Gojkovich. “The result has re-energized all things Shelton-from the office market to the amenity base and residential communities. With its proximity to New York City, its beautiful surroundings north of the Long Island Sound, and a deep pool of highly skilled workers, the City of Shelton and the Reservoir Corporate Centre provide tenants with a remarkable work-life balance.”
Reservoir Corporate Centre currently is 60 percent leased. The building’s floorplates are particularly flexible in their ability to accommodate a range of tenants, with accommodations from just under 2,000 square feet to a full floor with over 33,000 square feet. The amenity-rich facility (including on-site fitness center and cafe), offers built-out spaces and cutting-edge technology. The property features SONET fiber/telecommunications service, which is a fault-tolerant technology designed to promote service redundancies.
“As Greenwich, Connecticut, serves as the de-facto home for the hedge fund industry, Shelton has been described by local media as Connecticut’s unofficial Silicon Valley,” added Schwartzman. “The density of prominent and up-start tech firms in and around Shelton provides a strong, growing foundation for office demand going forward. There exists tremendous upside potential for a new management team to add value at this property.”
About Newmark Knight Frank
Newmark Knight Frank is one of the largest real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Knight Frank is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.