Clarion Partners and Marcus Partners announced that Hearst signed a new long-term lease for 30,251 s/f at Merritt 7 Corporate Park, the six building, 1.4 million square foot office complex in Norwalk.
“We are delighted that a company of Hearst’s stature selected Merritt 7 as their regional Connecticut headquarters, and that we were able to accommodate all their requirements in an efficient manner, as they consolidate from multiple locations,” said Margaret Egan, Senior Vice President, Clarion Partners.
“This project brings their entire Fairfield County workforce to a Class-A workplace environment, allowing Hearst Connecticut Newspapers to optimize its operations.”
The relocation of the media giant to Merritt 7 will result in a consolidation to one regional headquarters, from multiple office locations in Fairfield County.
The deal is recognized as one of the most high profile office transactions and the largest lease closed in the central Fairfield County market in the fourth quarter of 2016. Hearst will occupy the entire first floor of Building 301 Merritt 7, in a lease that spans 11-years. The move to Merritt 7 is anticipated to take place on April 1, 2017. Merritt 7 will serve as the location for the organization’s regional corporate headquarters, senior management and staff, finance, human resources, circulation departments, and additional corporate functions. Hearst Connecticut Media will keep bureau offices for news reporting and advertising sales in Bridgeport (including printing presses), Danbury, Stamford and Greenwich.
“Hearst’s relocation to Merritt 7 reinforces the property’s position as a preeminent address for major corporations seeking a central location, contemporary office environment, pleasing ambiance and exceptional onsite amenities,” said David Fiore, principal of Marcus Partners. “Merritt 7 provides an environment essential to a great a workforce and workplace experience.”
The landlord was represented internally by David Fiore and JoAnn McGrath of Marcus Partners, and the outside CBRE leasing team of Tom Pajolek, Ned Burns, Robert Caruso and Stephen Greenbush. Tom O’Leary and William Montague of Cushman & Wakefield represented Hearst.
With the completion of the Hearst transaction, Merritt 7 is 97% leased. There remains 53,000 s/f available for lease — with units ranging from 2,000 s/f to the entire Penthouse of Building 601, totaling 14,000 s/f.