Charter To Build New 500,000 Square Foot Headquarters In Stamford, CT
Reaches Build-to-Suit Lease Agreement with Building and Land Technology
Announces New Incentive Agreement with Connecticut Department of Economic and Community Development
STAMFORD, Conn., Oct. 3, 2017 /PRNewswire/ -- Charter Communications, Inc. (NASDAQ:CHTR), the Connecticut Department of Economic and Community Development, and Building and Land Technology (BLT), a Stamford Connecticut based real estate developer, today announced that BLT will break ground on a new Charter headquarters building in downtown Stamford, Connecticut early next year.
Charter's new headquarters will be a 500,000 square foot, 15 story facility at the Gateway Harbor Point site anticipated to be ready for employees to begin occupying in 2019. The Company has engaged BLT to construct the build-to-suit facility at 406 Washington Blvd with an option to expand the site into a 2-building campus. The project will break ground immediately following final land use approvals from the City of Stamford.
"Since relocating Charter's headquarter operations to Stamford in 2012, the Company has undergone a transformation to become the second largest cable provider in the U.S.," said Tom Rutledge, Chairman and Chief Executive Officer, Charter Communications. "This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. We are excited to continue expanding in Connecticut, and thank Governor Malloy, Mayor Martin, the Connecticut Department of Economic and Community Development, and the entire Stamford-area federal, state and local delegation of elected officials for their continued partnership and support."
"Today is a great day for Connecticut," said Governor Dannel P. Malloy. "Charter's announcement to create an additional 1,100 jobs shows that our strategic investments are continuing to spur economic growth and create good paying jobs in the state. We look forward to the continued success of Charter Communications as they grow within the state."
"Charter Communications has been a steadfast corporate citizen since they relocated here in 2012. We are happy that they chose to stay in Stamford, and add jobs and expand their workforce here. This investment in our City is good news and we applaud their vote of confidence in the City of Stamford," said Mayor David Martin.
"We are thrilled to partner with Charter to develop their new headquarters here at Gateway Harbor Point," noted Carl Kuehner, Chairman of BLT. "We look forward to working with their team to create a modern workplace and ecosystem to continue Charter's strong growth here in Stamford."
Charter remains committed to the State of Connecticut and plans to continue expanding the number of employees based out of its corporate headquarters in Stamford. Following its commitment to create and retain 400 jobs under the state's First Five Program in 2012, Charter has committed to create an additional 1,100 new corporate headquarters jobs. Charter has agreed to a total of $100 million in planned capital expenditures in Connecticut over the next several years. As a result of these commitments, the Connecticut Department of Economic and Community Development will provide an incentives package that includes a direct loan of $10 million and up to $10 million in tax credits. Additional tax credits are available if Charter further increases the total number of Stamford-based jobs.
The Gateway Harbor Point site was chosen for its close proximity to mass transit as well as its easy access to Interstate 95. The new headquarters is set to become the first commercial facility with direct access to the Stamford train station platform, providing employees with immediate access to both Metro-North and Amtrak Acela service. The building also provides for large floor plans which provide greater flexibility in workplace design.
Charter was represented in this transaction by the commercial brokerage team at Cushman & Wakefield.
About Charter Charter Communications Inc. (NASDAQ: CHTR) is a leading broadband communications company and the second largest cable operator in the United States. Charter provides a full range of advanced broadband services, including Spectrum TV™ video entertainment programming, Spectrum Internet™ access, and Spectrum Voice™. Spectrum Business® similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter's advertising sales and production services are sold under the Spectrum Reach™ brand. Charter's news and sports networks are operated under the Spectrum Networks brand. More information about Charter can be found at charter.com.
Charter Communications, Francois Claude, Francois.Claude@Charter.com, 203-905-7968; Connecticut Department of Economic Development, Jim Watson, firstname.lastname@example.org, 860-500-2482; Building, Land & Technology (BLT), Ted Ferrarone, TFerrarone@harborpt.com, 203-644-1584