M&T Bank helps fund restoration of Philip Johnson building
M&T Bank has approved a $900,000 small business loan for BassamFellows to help fund the restoration of the Philip Johnson building at the former Schlumberger property.
The loan will provide the final piece of funding needed to restore the building to its original detail, and prepare the space for BassamFellows’ office, showroom and studio.
“We succeed by helping our customers and communities succeed, and we’re thrilled to play a role in this project,” said M&T Bank Connecticut Market President Michael Weinstock. “This financing will both help BassamFellows accomplish one of its business goals, and also benefit the Town of Ridgefield by aiding in the redevelopment of this site.”
BassamFellows, an international design firm that’s based in New Canaan, has already begun work on the building and hopes to move in later this year. The company will initially lease the property from the town for a $1-a-year contract.
The later years of the BassamFellows’ lease, after the initial 13 years at $1 a year, have rents that rise from $8,495 per month in 2030 to $10,780 per month in 2046.
“The former Schlumberger Administration building was Philip Johnson’s first commercial building and one of the first executive office buildings to mark the shift from urban to suburban living,” said Scott Fellows of BassamFellows. “It is an important building and an inspiring space to work and showcase our furniture and lifestyle collections.”