Starwood Hotels & Resorts Worldwide Inc. is bringing 800 jobs to Stamford, CT, moving its headquarters to the Harbor Point area in 2012.
The hotel giant, which owns the Sheraton, W, St. Regis and Westin lines, leased 250,000 square feet from Building & Land Technology at 333 Ludlow St. Starwood is spending about $40 million in renovations to the existing office complex, which includes outfitting its space for LEED certification.
Starwood is relocating from the 134,000-square-foot office building at 1111 Westchester Ave. in White Plains, NY.
The Department of Economic and Community Development is assisting Starwood with a $9.5 million loan, and could provide up to $75 million in Urban and Industrial Site Reinvestment Tax Credits. Starwood is also likely to receive $5 million in sales tax exemptions on building materials through the Connecticut Development Authority.
"For months I have worked with Starwood executives and my economic development team to make this deal - and the jobs and investments it brings - a reality for the people of our state," said Governor Jodi M. Rell.
Neal Golden, Ross Perlman and John Goodkind of Newmark Knight Frank represented Starwood Hotels in the lease deal. Building & Land Technology received in-house representation from Carl R. Kuehner, president and CEO, and Dean Shapiro, COO.
"Starwood's decision to relocate its headquarters to Harbor Point validates our decision to invest in the redevelopment of Stamford's South End as an ideal 'smart-growth' community," said Kuehner.
Lease terms were not disclosed, but it is believed it to be a long-term deal, of 15 years or more. Starwood President and CEO Frits van Paaschen said that the company would be saving 20 percent in annual rent.