{"id":1004630466,"date":"2022-11-17T02:14:09","date_gmt":"2022-11-17T10:14:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004630466"},"modified":"2022-12-09T01:36:47","modified_gmt":"2022-12-09T09:36:47","slug":"skyrem-keeps-a-full-house-at-connecticut-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/skyrem-keeps-a-full-house-at-connecticut-warehouse\/","title":{"rendered":"SkyREM Keeps a Full House at Connecticut Warehouse"},"content":{"rendered":"
\"\"<\/a>

550 Research Parkway. Image courtesy of SkyREM<\/p><\/div>\n

SkyREM<\/strong> has signed Fosdick Fulfillment Corp.<\/strong> to a lease renewal at 550 Research Parkway, the real estate investor and developer\u2019s 358,000-square-foot industrial asset in Meriden, Conn. Fosdick committed to staying put in its space of approximately 126,800 square feet, where it has made a home since 2016.<\/p>\n

Located on roughly 25 acres midway between Boston and New York City, 550 Research occupies a prime position to provide regional access in the Northeast. The property first opened its doors in 1968, but has maintained its luster through various upgrades, including a capital improvement program in the years before 2018, when SkyREM, then Sky Management Services<\/strong>, acquired the asset in an $18 million transaction.<\/p>\n

\n

READ ALSO:<\/strong> Industrial Market Trends, Takeaways From SIOR CREate 360<\/a><\/p>\n

\n

Since taking ownership of 550 Research, SkyREM has taken the property to new heights. In 2019, the company\u2014which places sustainable, value-add improvements at the core of its ownership strategy\u2014upgraded the logistics facility with the installation of a 1.5-megawatt rooftop solar installation as part of a previous lease renewal with Fosdick. The multimillion-dollar renewable energy<\/a> project not only decreased the property\u2019s carbon footprint, it also transformed the site into a completely sustainable facility.<\/p>\n

SkyREM relied on Timothy D\u2019Addabbo of Cushman & Wakefield<\/strong> for representation in the lease transaction at the property which has Medline as lead tenant. Medline renewed its lease at 550 Research in 2019 as well.<\/p>\n

No place to go<\/h2>\n

The Central Connecticut industrial market changed quite a bit quarter-over-quarter, with the vacancy rate decreasing 30 basis points to 4.9 percent in the third quarter of 2022, according to a report by Cushman & Wakefield. And even with 600,000 square feet of new space having delivered, overall absorption totaled 1.2 million square feet, marking the highest absorption level since 2020 and an about-face from the negative absorption of the second quarter of 2022.<\/p>\n

Looking forward, the market fundamentals indicate a good time for owners and a daunting future for hopeful tenants. \u201cWith over 4.2 million square feet of leasing activity year-to-date, demand for industrial space is at an all-time high,\u201d the report shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the assistance of Cushman & Wakefield, the landlord signed a lease renewal for 126,800 square feet.<\/p>\n","protected":false},"author":969,"featured_media":1004630474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742,10],"tags":[36351,32799,42629,39212],"class_list":["post-1004630466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","category-northeast","tag-capital-improvement","tag-cushman-wakefield","tag-energy-efficiency","tag-sky-management-services-llc"],"acf":[],"yoast_head":"\nSkyREM Keeps a Full House at Connecticut Warehouse - CPE<\/title>\n<meta name=\"description\" content=\"SkyREM has signed Fosdick Fulfillment to a lease renewal at 550 Research Parkway, a 358,000-square-foot industrial asset in Meriden, Conn.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/skyrem-keeps-a-full-house-at-connecticut-warehouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SkyREM Keeps a Full House at Connecticut Warehouse\" \/>\n<meta property=\"og:description\" content=\"SkyREM has signed Fosdick Fulfillment to a lease renewal at 550 Research Parkway, a 358,000-square-foot industrial asset in Meriden, Conn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/skyrem-keeps-a-full-house-at-connecticut-warehouse\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-17T10:14:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:36:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/550-Research-Parkway-e1668678673656.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/skyrem-keeps-a-full-house-at-connecticut-warehouse\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/skyrem-keeps-a-full-house-at-connecticut-warehouse\/\",\"name\":\"SkyREM Keeps a Full House at Connecticut Warehouse - 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