Downtown Stamford as seen from a platform at the Stamford Transportation Center. (Courtesy Photo / Public Domain / DBen)
A major global manufacturer and a technology firm serving the financial industry have chosen to relocate their corporates offices to Fairfield County, Gov. Ned Lamont’s office said, in the same week it declared tobacco giant Phillip Morris International had been lured to the area.
ITT Inc., which manufactures components and develops customized technology solutions for the transportation, industrial and oil and gas markets, will move its head office from White Plains, New York to 100 Washington Blvd. in Stamford’s Harbor Point development. The company will be taking 24,000 square feet of space in the building.
The move is being “supported,” Lamont’s office said, with a $1.99 million grant contingent on the company creating and retaining 57 jobs at its new headquarters.
Just days before, Lamont’s office declared investment industry tech firm iCapital Network would relocate its offices from New York City to Two Greenwich Plaza, the town’s iconic black-glass office blocks next to its train station, and add 200 staff at the new location.
“This is more validation that our approach to growth and economic development is working, as we’re seeing more companies take a second look at our state and decide that it is an ideal environment for them to grow and thrive,” Lamont said in a statement.
The state drew iCapital with “earn-as-you-grow” incentives that provide grants in arrears as job targets are reached. Lamont’s office did not specify how much iCapital would receive.
The announcements mark the second and third corporate headquarters moving into Fairfield County. Philip Morris International said this week it is moving its 200-person corporate headquarters from New York to an unspecified Fairfield County address.
The Fairfield County office market has continued to see weakness in its occupancy rates and rents over the last year, despite predictions it could see a revival thanks to the COVID-19 pandemic.
