New Haven Register (New Haven, CT)
Manufacturer Terex to relocate HQ within CT city
NORWALK — Heavyequipment manufacturer Terex will move its main offices within the city of Norwalk, after recently signing a lease for its new space.
In the fourth quarter of 2023, the company signed a lease for 24,757 square feet in the 301 building at Merritt 7, the largest office park in Fairfield County, according to a new report from commercial real estate firm CBRE. Terex officials confirmed the lease, but they said that they had not finalized the timeframe for moving up the road from the company’s current headquarters at 45 Glover Ave., in The Towers complex. The relocation will affect the company’s approximately 100 Norwalkbased employees.
“This is an opportunity to move nearby to a space that is ideally configured for us,” William Adler, Terex’s director of corporate communications, said in an email. “It has great amenities, suits our needs and the (Metro-North) train station is right out front, which will benefit our team members.”
Terex has decided to move its main offices after an approximately three-year stay at 45 Glover Ave. In November 2020, it completed its move there, after previously being headquartered in Westport. Terex officials were not immediately able to confirm the company’s square footage at 45 Glover.
At 301 Merritt 7, Terex will join a number of tenants. They include Emcor Group, a provider of construction, infrastructure and building services, which ranked No. 369 on the 2023 Fortune list of the largest corporations in the U.S. Terex ranked No. 702. Hearst Connecticut Media Group is also a tenant at 301 Merritt 7.
In total, Merritt 7 covers about 1.4 million square feet, across six buildings.
“We are pleased to announce that Terex has joined the diverse range of tenants at Merritt 7,” Margaret Egan, senior vice president of asset management at Clarion Partners, which owns Merritt 7, said in a written statement. “The consistent leasing activity at the property over the past year, totaling over 160,000 square feet, indicates that properties owned and operated by institutions, with modern and practical amenities, will continue to attract and retain tenants.”
A message left for Building and Land Technology, the owner of 45 Glover, was not returned. State funding has encouraged Terex to remain in Connecticut. In 2018, the state Department of Economic and Community Development provided the company a jobsbased grant of $1 million.
Terex manufactures materials-processing machinery and aerial-work platforms. Those products are used for purposes that include construction, maintenance, manufacturing, energy, recycling, as well as minerals and materials-management applications, according to the company’s website.
In the first nine months of 2023, Terex recorded revenues of about $3.9 billion, up 23 percent from the same period in 2023. Its profit of about $391 million during the first nine months of 2023, compared with a bottom line of nearly $208 million in the same time frame in 2022.