What is an office condominium?
An office condominium or “condo” is a legal form of real property where a specific, defined area of commercial real estate (Unit) is individually owned. All the Units share ownership and enjoyment of the areas in common such as walkways, parking, and landscaped areas. As real property, condominiums are deeded and taxed and can be bought and sold. Similar to very common residential properties in CT, office condominiums are prevalent nationally, but much less so in the local Connecticut market.

How do I purchase a Unit?
The sequence of your purchase is similar to that of the purchase of a house or residential condominium. A Purchase and Sale Agreement initiates the transaction which defines the details of the property, the price, the sequence, and the timeline of events (deposit in escrow, arranging financing, space planning, etc.) which culminate in a Closing. This transfers ownership of the Property from the Seller/Developer to the Buyer.

How do I lease or lease with option to purchase?
Centerpoint Connecticut is available for purchase as a Condominium. Alternatively, select Units may be offered as a Leased Premises with the Developer or his successor as the Landlord. A fit-out allowance and/or an accrual of monies towards a down payment on a future purchase of the Unit may be included as part of the Lease Package.

What is a “shell” building?
As brand new, out-of-the–ground construction, Units are offered as shells consisting of an exterior weather-tight structure (outside walls and windows, roof, etc.), heating and cooling equipment, electrical service, and demising walls separating Unit ownership interests.

What is a “green building”?
A building that is designed to efficiently use resources – energy, water, and materials – while reducing building impacts on human health and the environment during the building’s lifecycle. In addition to moderating environmental impacts, green buildings, by way of their focus on efficiency through design, lead to significant reductions in operating costs by using less energy and water than conventional buildings. The recognized standard for green building performance in the United States is the LEED (Leadership in Energy and Environmental Design) program: www.usgbc.org/LEED

What size Unit do I need?
Unit sizes range in size from 700 square feet (SF) to over 2,500 SF; multiple Units can be combined to a total of over 6,000 SF. A preliminary discussion of your needs (program) will enable development of complimentary draft floor plan designs by the Developer to assist in with assessing which Unit size is best studied to your individual needs.

How does the “interior fit-out” get done?
TThe fit-out will be developed from a final floor plan and will typically include all interior walls, doors, finishes, lighting, and furnishings to be utilized. This process is the same for purchase or lease options. A turn-key fit-out can be performed by an office interiors design build company or by working directly with the Developer and their team. Alternatively, the owner can engage an architect or interior designer and bid the job out to general contractors.

How does property & building maintenance get done?
All responsibilities of property management including snow, lawn, grounds and exterior building maintenance are managed by the condominium association and shared by all property owners. Building insurance, maintenance and trash pickup are also provided, making this a true hands-off investment. Property taxes, utilities, janitorial and unit content, and liability insurance are the responsibility of each property owner.

How does the condominium association work and what are the fees?
The Developer (Declarant), Tall Properties LLC, has prepared the Declaration of Centerpoint Connecticut pursuant to Chapter 828 of the Connecticut General Statutes, the Connecticut Common Interest Ownership Act. Weighted voting will be based on the square footage of each Unit as a percentage of the entire development. Condominium fees are based on a similarly
calculated formula. First year fees are based on a projected operating budget. Condominium fee calculations and the Declaration are available for your review.

What are the permitted uses of occupancy?
Centerpoint Connecticut is a Class A office development. It is not a flex complex and as such, usage is limited to medical, professional, and general office use.

How does the parking work?
Parking is on a non-reserved basis with availability based on the square footage of your unit. Parking is currently allocated at approximately 1 space per 300 square feet of Unit space. The developer reserves the right to designate selected usage.

What type of exterior signage can be used?
Owners have the opportunity to add their company signage above all Units that have their own exterior entrance. A signage area of 45 square feet above the door is reserved for each Unit and can be stylized with company logo and typeface. . The material, color, and type of signage are defined by the guidelines set forth in the condominium association documents.

What financial benefits are available as property owners?
Condominium ownership has the same tax benefits as any commercial real estate ownership. Depreciation, interest, and operating expenses are allowable income tax deductions. The financial advantages of Condominium ownership accelerate over time and typically prove to be an attractive alternative to paying rent. The Developer or his Agent can provide you with financial modeling comparing own vs. lease scenarios over five, ten, and twenty-year periods with variables based on Unit size, interest rate and down payments starting at 10%.

What is the availability of Units and when will they be available for occupancy?
Building B is available for occupancy June 2011. Units range in size from 1,300 SF and as open floor plates, multiple Units can be combined into one Unit of 6,300 square feet.