News
Latest News
December 1, 2005
City of Waterbury Leases 24,000 Square Feet at Waterbury Commons
HAMDEN, CT - Only eight months after signing Waterbury Development Corporation, Waterbury’s lead economic agency, to its tenant roster, Waterbury Commons, a premiere office complex located at 111-119 West Main Street, is welcoming its newest municipal addition as the City of Waterbury has signed a 2-year lease for 24,000 square feet on the first and second floors of the Center and West Wings. The City plans to use this space as a temporary office while the City Hall undergoes extensive renovation and reconstruction. The announcement was made by Michael Belfonti, President and CEO of Belfonti Associates, LLC. A Belfonti-related entity is a partner in the ownership of Waterbury Commons.
The City of Waterbury chose Waterbury Commons due to its highly centralized location, the quality of the structure, and the proximity of Waterbury Commons to City Hall and the Mayor’s office. This proximity will allow the City of Waterbury to continue to use the existing parking spaces at City Hall.
Waterbury Commons is a 182,500 square foot office building complex owned by Waterbury Commons, LLC, whose other partner is Tom Gessler of Gessler Development. The Belfonti-Gessler partnerships represent one of the largest owners of office buildings in the City of Waterbury. They also own Croft Commons, a 95,000 square foot office building located at 95 Scovill Street.
"The City of Waterbury is the largest employer in the Central Naugatuck Valley and we welcome them to our growing tenant roster," said Michael Belfonti. "The results speak for themselves as the property continues to draw top-tier tenants."
The complex is anchored by the regional headquarters of Sovereign Bank with other tenants including Glenwood Systems, Inc. and the Waterbury Development Corp.
"This property is a perfect example of what can be achieved by smart building management," said Tom Gessler. "The complex could serve as a model for economic development in the region for developers that are forward looking enough to see the potential of an asset and how to add value to bring it to the next level."
Belfonti and Gessler, through aggressive asset management and an extensive capital improvement program implemented by Gessler’s company, Precision Realty Management, have participated in supporting the significant renaissance of Downtown Waterbury. In addition to the Belfonti-Gessler holdings in Waterbury, other recent notable development projects in the area include the University of Connecticut’s Waterbury campus, which is located directly behind Croft Commons, and Downtown Waterbury’s jewel, the Palace Theater, which reopened in 2004 after a $30 million dollar restoration.
Precision Realty Management, Inc., a Gessler-related company, is the property manager responsible for the day-to-day operations at Waterbury Commons while MCR Property Management, Inc., a Belfonti-related company, is the asset manager.
Belfonti Associates, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.