107 Elm Street - Stamford, CT

Stamford, CT Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm specializing in tenant representation, has concluded a 24,000 s/f office lease on behalf of Cara Therapeutics, Inc. for its headquarters to relocate to 107 Elm St.

John Hannigan, principal, and Adam Cognetta, vice president, of Choyce Peterson represented Cara, who moved to the new space in May from One Parrot Drive in Shelton, CT. The landlord, RFR Realty LLC, was represented in-house in the transaction by Margaret Carlson, portfolio manager, Steve Lash, leasing director and Ed Wissell, property manager/construction.

Publically traded since 2014, Cara, a biotechnology company focused on the development and commercialization of pain therapeutics, appointed Choyce Peterson as its exclusive tenant representative to handle the search for a new headquarters and the negotiation of the financial and business terms of a new lease.

Hannigan and Cognetta consulted with Cara on their initial space needs and the timing of their forecasted growth, and were tasked with identifying properties that contained a high-quality amenity package with easy access to I-95 and the Stamford Train Station. Armed with this information, they conducted tours of available space in the Stamford market. Choyce Peterson then commenced proposal negotiations with several landlords of the viable alternatives.

Josef Schoell, CFO of Cara said, “John and Adam’s experience became quite evident from the start of this process as they questioned us about the specifics of our current and future space needs, guided us to articulate the type of culture and setting we envisioned for our future headquarters, and then led the search and deal term negotiations. As a result of their expertise in exclusively representing the tenant side of office leasing transactions and superior negotiation skills, we were able to conclude a very favorable transaction that complements Cara’s mission and culture, and future growth plans. We are deeply satisfied with our Choyce Peterson experience.”

The amenity package at 107 Elm St., building 4 of Stamford Plaza, includes an onsite cafeteria, conference facility, fitness center, a sundries shop, a dry cleaner, car wash and detailing service, and a private shuttle to the Stamford Train Station.