Clarion Partners' Contrarian Stance on Fairfield County
Though many investors may think of Stamford as a stodgy suburban relic, Clarion Partners sees the city's office sector as a growth market, according to Clarion asset management head Craig Tagen. It may have lost some ground to NY over the past few years, but his firm looks for markets where the labor pool wants to be, and waterfront developments have helped Stamford shake off the dust, he says. In fact, some western Greenwich firms have migrated to Stamford for lower rents and proximity to Metro North and amenities.
The investor looks favorably on the rest of Fairfield County, as well. It held Norwalk’s Merritt 7 (above) through the downturn, and though occupancy has dipped from a steady high-90s to just above 80%, Clarion has decided it's worth holding. The investor has recapped the property and started a complete renovation: new lobbies, parking garages, new conference areas and a gym, outdoor seating, and the like.
