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Protegrity, McAfee pick High Ridge
By Richard Lee | www.ctpost.com | May 3, 2010 | 9:16 p.m
High Ridge Park in Stamford is adding two major corporations to its tenant roster with the arrival of Protegrity Corp. and McAfee Inc.
Protegrity, a data security management provider, moved last week from the Canterbury Green office complex in Stamford to a 5,618-square-foot space at 5 High Ridge Park, while McAfee, best known for its anti-virus software, is moving into a 2,040-square-foot space at 4 High Ridge Park.
Founded in 1996, Protegrity brings a staff of 30 employees to its new headquarters, which is big enough for further staff growth. The company has its European headquarters in the United Kingdom and development facilities in Sweden, China and Israel.
Protegrity employees are security technology specialists with expertise in data security techniques, encryption key management and security policy.
"The campus setting fits nicely with our corporate culture and lends itself to a productive working environment," said Iain Kerr, president and chief executive officer. "The decision to move was made for many reasons, including reasonable operating costs, an open floor plan, cafe amenities, access to public transportation and a shorter commute for most employees."
Cushman & Wakefield's Paul Kauffman and Torey Walsh represented Protegrity in the transaction negotiations with George Comfort & Sons and RREEF Real Estate. Comfort manages the 40-acre office complex.
Seven people will work at the recently opened McAfee office, a company spokesman said. The computer security company is headquartered in Santa Clara, Calif. Cushman & Wakefield's Steve Baker, Stuart Romanoff, Chris O'Callaghan and Adam Klimek represented High Ridge Park's owners. Newmark Knight Frank's Evan Bailey represented McAfee in the deal.
George Comfort & Sons is a New York City-based privately owned real estate investment and management firm. RREEF Real Estate is the real estate division of RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank's Asset Management division.
Comfort and RREEF have made improvements to buildings at the park in the past year, despite the slow commercial office market. "Over the last six months, we've seen a great deal of tenant interest in High Ridge Park. Their feedback has been extremely positive," said Peter Duncan, president of George Comfort & Sons, adding that his company and RREEF have emphasized providing technologically advanced infrastructure and a sustainable workplace.
The arrival of Protegrity and McAfee comes amidst the glimmer of an improvement in the commercial real estate market in Fairfield County. Average asking rental rates increased in this year's first quarter, although overall vacancy rates rose, according to Robert Ageloff, international director at Jones Lang LaSalle's Stamford office.
The Class A vacancy rate rose to 22 percent in the first quarter, from 21 percent in the first quarter of 2009. Class B vacancy rates jumped to 23.8 percent from 22.6 percent.
Despite the addition of more space, landlords upped their Class A asking rental rates from $33.15 per square foot in the first quarter of 2009 to $36.10 in the quarter this year. Asking rents for Class B space fell from $22.86 to $21.94 in the first quarter of this year.
"Class A leasing in Fairfield County totaled 527,940 square feet for the first quarter of this year," Ageloff said, compared with more than 700,000 square feet leased in the fourth quarter of 2009.
About 148,000 square feet of the 583,000 square feet of space at High Ridge Park is vacant. Of that, 96,000 square feet is a contiguous renovated space in Building 1.
"It's the whole building," Baker said, noting that it was occupied by MeadWestvaco before it moved out about two years ago. "It's been totally renovated. It would make a world-class corporate headquarters, but it could be subdivided."