Still a destination in demand

Ascot Group’s lease shows Stamford remains popular location for major employers

STAMFORD — Global specialty insurer Ascot Group has leased 24,000 square feet in the downtown office building at 200 Elm St., a deal that offers a vital boost to southwestern Connecticut’s office market.

The property’s landlord, Building and Land Technology, made the announcement last week.

The southwestern corner of the state has seen a significant decline in office leasing activity during the coronavirus crisis, although its vacancy rate has not spiked. The transaction came about two months after another major insurer, Berkley Insurance Co., announced that it would relocate within the downtown and lease about 63,000 square feet in the Metro Center complex at 1 Station Place.

“Connecticut creates a thriving environment for growth companies like Ascot, affording us the opportunity to take adready vantage of a tremendous talent pool, coupled with convenient access to New York, and Stamford’s dynamic business community — particularly within the insurance and reinsurance industry,” Yvonne Costello, Ascot’s chief operating officer, said in a statement. “We are excited to begin this new phase of our journey in Stamford.”

In response to an inquiry from Hearst Connecticut Media, an Ascot company spokesperson said, “While we have alopened the office, we maintain a limited presence due to COVID, with most employees unlikely to formally attend until a date to be determined in 2021. We look forward to returning in force to this exciting new office in Stamford, with expectations of growing our employee base in the coming months.”

Ascot is owned by CPP Investments, a global investment management firm that invests the assets of

Hearst Connecticut Media file photo A view of the lobby of the office building at 200 Elm St. in downtown Stamford. Insurer Ascot Group has signed a lease for 24,000 square feet at 200 Elm.