Payment tech firm moving to Shelton

SHELTON — The city continues to be a draw for businesses seeking a new home.

The latest is a payments technology company, Refined Payments, which will be relocating its corporate headquarters to 1 Corporate Drive. Refined Payments, founded in 2019, inked the long-term lease earlier this year with R.D. Scinto.

Refined Payments is presently located in New Rochelle, N.Y. Lou Kathrakis, the company’s CEO, said his firm will be leasing about 2,300 square feet in the Scinto building.

“As we ramp up hiring over the next few years, we plan on adding to our square footage within 1 Corporate Drive,” Kathrakis added. “We also plan on increasing our presence in New York with a satellite office in lower Manhattan later this year.”

Kathrakis called Shelton the “clear choice” for a location in the state due to its infrastructure, access to workers and proximity to New York and Boston.

“There are a growing number of highly innovative companies in Shelton, and we are very pleased to join them,” he said.

The new space will have amenities including a gym, café, media room and teleconferencing area.

Refined Payments expects to move to its new location by the second quarter of this year.

“The recent lease signings in Shelton support the sentiment that the city is maintaining its status as a leading commercial hub among municipalities nationwide,” said Andreas Senie, Director of KW Commercial.

With 599,268 square feet of office space leased in 2022, the Shelton market led all submarket areas in new lease signings within Connecticut, according to Senie, adding that Shelton’s office vacancy rate of 23.3 percent continues to beat the state average of 29.9 percent.

“Office vacancy peaked in Connecticut during the fourth quarter of 2021 and has since been declining,” Senie said. “We expect the vacancy rate to continue to decline in areas like Shelton and others.”

Refined Payments offers ecommerce, in-store, and mobile solutions for businesses that accept digital payments.

Hearst Connecticut Media file photo Refined Payments is moving its corporate headquarters to 1 Corporate Drive in Shelton.