🔒Timex stays in Connecticut with move to Fairfield County hot spot

Timex Group has officially relocated its corporate headquarters to Shelton, occupying 53,000 square feet in a Class A office building at 6 Armstrong Road, after selling its longtime Middlebury home. The move, completed in April, represents an office-space consolidation for the 170-year-old watchmaker, while keeping the company firmly rooted in its home state. Timex departed from its former headquarters at 555 Christian Road in Middlebury, an 85,000-square-foot glass-encased building. It sold the property for $7.5 million to a developer that wants to knock down the building and erect a warehouse on-site. As part of the move, Timex consolidated an office in Norwalk into the Shelton location, which it leases. Though the relocation marks a significant downsizing from the company’s previous footprint, it has not reduced its workforce. Timex currently has 270 employees based in Shelton and about 2,000 globally, the company said. The watchmaker — known for its sturdy, reliable timepieces sold at an affordable price point — was founded in 1854 as the Waterbury Clock Co. Timex was acquired by Boston-based hedge fund Baupost Group in 2020. The company’s new home at 6 Armstrong Road was built in 1985 for Black & Decker — which merged with New Britain-based toolmaker The Stanley Works in 2010. The property contains 175,000 square feet of office space and is owned by Windsor Management Corp., which acquired it for $16.7 million in 2015.

Mid-century modern

Timex is the largest tenant in the building, leasing about 53,000 square feet. It has completely renovated the space in a “mid-century modern” style. The move provides employees with a more contemporary workplace environment that fosters collaboration and creativity, according to David Payne, Timex Group’s vice president, general counsel and corporate secretary. “We wanted to avoid the traditional kind of closed-in office feel, where desks are all aligned in a row, and everything is very angular, and you’ve got low ceilings and carpeted floors,” Payne said. “So, we went with polished concrete walking spaces and an open-ceiling concept.”

A tour of the space shows it's outfitted with clockmaking-themed wall murals, areas showcasing the company’s history, clock display cases, digital screens and 27 meeting areas. Sofas, casual sitting areas, pantries and a water dispenser — which can add flavors, vitamins, electrolytes and carbonation, depending on the user’s preference — contribute to the warm, inviting atmosphere. There’s even an archive that contains nearly every Timex watch ever made. Employees use a fleet of scooters to travel across the space. For occasions when time isn’t of the essence, there are diversions such as board games and a record player. The office park also features amenities like a cafeteria, fitness room, pond and walking path.

Ideal location

Shelton’s location was a factor in the decision to move. The city of nearly 43,000 residents — located near Interstate 95 and the Merritt Parkway — offers access to New York City’s large talent pool about 80 miles away, Payne said. Timex also has a showroom in The Big Apple and frequently flies overseas visitors into John F. Kennedy Airport. Christopher O’Hara, senior vice president at Coldwell Banker Commercial in Westport, represented Timex in its lease deal. He said the company looked at more than a dozen sites, but decided to stay in Connecticut. In addition to providing greater operational efficiency, Timex’s new Shelton location is more centrally situated, giving employees — especially those from Stamford, Greenwich and New York — a shorter commute, O’Hara said. To the south and west of Shelton, most Fairfield County traffic heads toward New York City during the morning commute, and then back in the evening. That means Timex employees and visitors from New York or Connecticut usually travel against the flow of traffic during both rush hours. “They have a shorter commute because they don’t have to drive an extra two hours a day,” O’Hara said.

Lower cost

Timex is in good company with its move to Shelton, as the city already hosts major employers, including electronics manufacturer Hubbell Inc.’s headquarters and several Sikorsky Aircraft facilities. Manufacturer BIC Corp. relocated its North American headquarters to Shelton in 2009, moving 350 employees from Milford. UnitedHealthcare relocated an administrative and customer service office from Trumbull to Shelton in 2015. Shipping and mailing company Pitney Bowes moved employees from its Stamford headquarters to offices in Shelton and Danbury starting in 2014. Sandwich chain Subway also moved its headquarters from Milford to Shelton in 2023. It now operates with dual headquarters in Shelton and Miami. A 2018 report by free-market think tank Yankee Institute ranked Shelton eighth among Connecticut’s most business-friendly towns, citing its easy access to Route 8 and low business costs relative to other Fairfield County communities. Shelton’s tax rate for fiscal year 2024-25 is 18.82 mills — the lowest of any city in Fairfield County. Gold Coast towns like Greenwich and Darien have lower tax rates, but their property values are much higher. Meantime, Shelton ranks among the most affordable office markets in Fairfield County, according to real estate services firm Cushman & Wakefield. The average asking rent for office space in the Shelton/Stratford market is $19.03 per square foot, compared to $34.99 for all of Fairfield County, according to Cushman & Wakefield. Average office rents in Fairfield County peak at $98.10 per square foot for Class A space in Greenwich, down to $20.76 in Greater Danbury. The office vacancy rate in Shelton/Stratford was 23.1% at the end of the second quarter vs. 27.7% for all of Fairfield County, Cushman & Wakefield data shows. O’Hara, the broker, said Shelton has built a reputation as an office market that combines value with convenience. It offers advantages of larger metro areas without the same cost burdens, he said. “You can find that small-city feel, without being in the city,” O’Hara said. “That’s what Shelton has to offer.”