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The Curious Case of 695 East Main Street

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Jul-02-09, 12:26 PM
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In “The Curious Case of Benjamin Button” the title character ages backward in time, in a commentary on the human condition.


If the movie script were rewritten as a parable of the local commercial real estate market, the title might become “The Curious Case of 695 East Main Street.”


As General Re Corp. announced plans last year to relocate from the Stamford address it has occupied more than a quarter century, the building’s ownership group set about an extensive renovation to lure replacement tenants.


Instead, the building continues to empty as leases conclude, according to broker CB Richard Ellis and others, with replacement tenants yet to be revealed. The culprit: the bankruptcy case of Lehman Brothers Holdings through which stakeholder questions have yet to be resolved.


“It’s tied up with Lehman,” said William Cuddy Jr., an executive vice president with CB Richard Ellis in the brokerage firm’s Stamford office. “There’s not much re-leasing activity going on.”


If not a Brad Pitt among Stamford’s trophy buildings, located at the eastern periphery of downtown Stamford and its central train station, 695 Main St. had enough star quality to serve Gen Re’s purposes for an extended period. It was good enough also for Royal Bank of Scotland, such that RBS subleased more than 85,000 square feet of space in the building in 2006 as it laid the foundation for its new regional headquarters a block from the train station.


The new RBS building continues to grab attention from prospective tenants seeking premier space in Stamford, but RBS shows no intention at present of subleasing space to other companies.


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