Terex Corp. Moving to Merritt 7 as Norwalk Office Park inks Over 160K SF of Leases in 2023

Clarion Partners, LLC and Marcus Partners announced that Terex Corporation has signed a long-term lease at Merritt 7 in Norwalk, CT. Terex, a global manufacturing company, will be relocating from 45 Glover Avenue to 24,757 square feet in the recently upgraded Building 301. The new lease capped off another solid year of leasing at Merritt 7, with the 6-building corporate park completing over 160,000 square feet of lease transactions over the past 12 months.

“This is an opportunity to move nearby to a space that is ideally configured for us,” said William Adler, Terex’s director of corporate communications. “It has great amenities, suits our needs and the [Metro-North] train station is right out front, which will benefit our team members.”

Terex was represented by the Cushman and Wakefield team of Steven Baker, Tara Long, and Matthew Lisk, while ownership was represented by David Fiore and JoAnn McGrath of Marcus Partners, and JLL’s Ed Tonnessen, Betsy Buckley, and Gil Ohls in the transaction.

“We are pleased to announce that Terex has joined the diverse range of tenants at Merritt 7,” said Margaret Egan, Clarion Partners’ Senior Vice President of Asset Management. “The consistent leasing activity at the property over the past year, totaling over 160,000 square feet, indicates that properties owned and operated by institutions, with modern and practical amenities, will continue to attract and retain tenants.”

In addition to the leasing achievements, Merritt 7 ownership also completed its most recent amenity upgrades, with the new town hall conference center and state-of-the-art fitness center opening to tenants at the end of 2023. The conference center offers highly flexible meeting space with a dedicated pre-function area, while the fitness center features new cardio and resistance training equipment, and a Peloton workout area. Both spaces also open directly onto the 301 Riverview terrace. These latest improvements are part of ownership’s broader goal of creating a healthier and more adaptive workplace for today’s office users.

The 1.4 million square foot campus features over 60,000 square feet of curated outdoor amenity space, and more than 10,000 square feet of flexible indoor work and meeting space, including the new 9,000-square-foot agile amenity space in Building 601 boasting a food hall, barista bar, flex work lounge/meeting room that opens directly out to the 35,000- square foot outdoor plaza, where private tenant events and programming are scheduled throughout the year.

Merritt 7’s comprehensive amenity package allows tenants to scale their operations without having to expand their renewable footprint or seek additional off-site space and has yielded a more intriguing and multifaceted environment for tenants at all six buildings to enjoy and utilize each day, all year round.

Merritt 7 also offers dedicated on-site Metro-North access, as the eponymous new train station recently opened its pedestrian skybridge allowing tenants to walk from the property directly to the train platform. Merritt 7 also holds key industry certifications and designations, including LEED Gold Certification* from the U.S. Green Building Council at buildings 501 and 601, along with a Fitwel Two-Star rating** for the entire six-building complex. The property also features a rooftop beekeeping installation through Best Bees, as well as new EV charging stations. For more information, visit merritt7.com

About Clarion Partners

Clarion Partners, LLC has been a leading U.S. real estate investment manager for over 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $79 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to approximately 500 domestic and international institutional investors. Clarion Partners is an independent subsidiary of Franklin Templeton. More information about the firm is available at clarionpartners.com.

About Marcus Partners

Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management, and development. The firm is headquartered in Boston, with regional offices in Metro New York City and Metro Washington, D.C. The firm focuses on strategic and opportunistic investment strategies across industrial, multifamily, life science, office, and other property types where it can create value and maximize risk-adjusted returns. Marcus Partners and its affiliates owns, controls, operates, or is developing 7M+ square feet of real estate and 1,700+ multifamily units. For more information, please visit www.marcuspartners.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces, and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries, and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.