Nuvance Health Systems recently secured a 220,000-square-foot office suite at The Summit in Danbury, a deal that ranks as the largest office lease this year for the State of Connecticut. The lease with Nuvance, formerly Western Connecticut Medical, is for 12 years and includes an option to expand up to 300,000 square feet.
“The announcement of the agreement between The Summit and Nuvance Health is some of the best economic news we have seen this year,” said Connecticut Governor Ned Lamont. “Summit Development has made a lasting commitment to Danbury and to the State of Connecticut through their investment in this property, and their new partnership with Nuvance Health, a healthcare institution which provides world-class care”
Located on a lush 100-acre campus at 100 Reserve Road, The Summit at Danbury, formerly known as The Matrix Corporate Center and before that as the Union Carbide Corporate Center, was completed in partnership by Summit Development, Crestline Investors, and Rizzo Companies. Summit Development and the Rizzo Companies acquired the property in 2018 as part of a foreclosure sale valued at about $17 million.
Today, Summit and its development partners are transforming the property to include an extensive program of enhancements and upgrades. When complete, The Summit at Danbury will have 600,000 square feet of Class A office space, 75,000 square feet of conference and event space, and 30,000 square feet of service and amenity spaces, 400 residential apartments, and a public school.
According to Summit Development president Felix Charney, zoning is already in place for the construction of 200 apartments.
“The turnaround of this property that had been a beacon in Danbury for nearly 40 years has gone beyond what we could have imagined,” said Michael Basile, managing partner at The Summit Investment Group. “We have invested $20 million in improvements, and we have been blessed with robust commercial activity that has brought 12 new leases since our October 2018 acquisition, increasing occupancy from 20 percent to 41 percent. The Nuvance lease will bring office space occupancy to 80 percent, and with their proposed further expansion we will be at 100 percent.”