Norwalk, CT April 24, 2018 – Choyce Peterson, Inc. (www.choycepeterson.com),a commercial real estate brokerage and consulting firm which specializes in representing both office and healthcare tenants, announced the successful completion of lease negotiations for North Stamford Medical Associates (NSMA) at 30 Buxton Farm Road in Stamford, CT. Adam Cognetta, Vice President, represented NSMA in this transaction.
In looking to expand his Diagnostic & Medical Specialists of Greenwich practice, a multi specialty practice focused on precision and preventative medicine, Dr. Steven Murphy aspired to open a new office in Stamford. He approached Mr. Cognetta, who represents other area healthcare tenants, about this assignment. One of Mr. Cognetta’s clients had underutilized medical space at 30 Buxton Farm Road. Mr. Cognetta identified an opportunity to put together a short-term sublease, which taken as-is, would provide a win-win solution. Effectively, this saved one client money and offered the other client, Dr. Murphy, a low-risk foothold in anew market.
Established in his new location, Dr. Murphy quickly grew NSMA’s patient base, later reengaging Mr. Cognetta to explore a more permanent solution for his Stamford office. This time, there was a need to accommodate a larger laboratory area with ventilation and a modernized reception area and waiting room. Mr. Cognetta and Dr. Murphy toured viable market alternatives, simultaneously approaching NSMA’s current landlord at 30 Buxton Farm Road about a direct, long-term transaction on a larger space.
Ultimately, an expansion at 30 Buxton Farm Road made the most sense. Mr. Cognetta successfully negotiated the financial and business terms of an expansion with the landlord funding various cosmetic improvements, as well as accommodations for lab equipment. The property offers great access to the Merritt Parkway, well-positioned to serve the healthcare needs of Stamford, Darien and New Canaan residents. It further offers proximity to other medical facilities, area hospitals and complementary support services.
As Dr. Murphy stated, “Adam did an amazing job at negotiating a favorable deal for us directly with ownership. Not only did he play a critical role in getting us into the market initially, but he later negotiated a creative deal that provided more space and a better fit with our practice’s needs. We obtained tenant improvement dollars from the Landlord and achieved the modern aesthetic typical of our waiting area and exam rooms. Adam listened to our needs and went out of his way to exceed them. His professional manner, understanding of healthcare buildout requirements, and knowledge of my practice were very impressive – hands down,I’d recommend his services to my colleagues in the medical community.”
Ted Grogan of RHYS represented the landlord, MSIH, LLC in the transaction.
About North Stamford Medical Associates
North Stamford Medical Associates is a full service multi-specialty group providing primary care, weight loss, asthma and allergy testing services to Stamford. The practice is spearheaded by Dr. Steven Murphy. For more information, go to www.stamforddocs.com 203-658-6051.
About Choyce Peterson
Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm which specializes in tenant representation, was founded in 1997 and has offices in Norwalk, CT and Rye Brook, NY. For corporate and healthcare-focused companies headquartered in Fairfield and Westchester counties, Choyce Peterson has negotiated millions of square feet of transactions in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.