AP NEWS

Aircastle moves HQ from Waterside to downtown

October 24, 2017 GMT

STAMFORD — Aircraft leasing firm Aircastle announced this week it had moved its headquarters within the city to downtown offices at 201 Tresser Blvd.

“Three Hundred First Stamford Place served our needs well for over 10 years,” said Aircastle CEO Mike Inglese. “When choosing a new location, our primary focus was to maintain access to a talent pool across the entire tri-state area and accommodate future growth. Two Hundred and One Tresser Boulevard is a world-class facility, and we are excited for Aircastle’s executive offices to remain in Stamford.”

Founded in 2004 and taken public in 2006, Aircastle had been headquartered in the First Stamford Place complex, in the city’s Waterside section. The firm employs about 70 in Stamford, approximately 20 in Dublin and about a dozen in Singapore.

Aircastle officials did not say how much space they had taken at 201 Tresser. The building’s largest tenant is Purdue Pharma, which occupies about 350,000 square feet.

Among major recent deals, Aircastle announced earlier this month the planned acquisition of 20 narrow-body aircraft from Dublin, Ireland-based SMBC Aviation Capital.

The addition of the aircraft, which are now on lease with 13 airlines across the world, would support Aircastle’s strategy of building up its passenger plane holdings. Nearly a decade ago, freight airplanes comprised around one-third of Aircastle’s fleet. Now, those jets account for about 4 percent. Aircastle’s portfolio included about 200 planes as of the end of the second quarter of 2017.

Aircastle, which also has about 20 employees based in Dublin and about a dozen in Singapore, is seeing most of its growth in developing regions. With 71 customers in 38 countries, it is leasing aircraft to carriers based in Brazil, Indonesia and India.

“We think the underlying fundamental drivers of aircraft demand are good on a long-term basis and should allow opportunities for us to find incremental growth in the context of a growing marketplace, without having to plan on stealing market share from others,” Inglese said in an interview last month.

The company recorded in the past quarter a combined loss of about $66 million for the sale of three freighters, contributing to a quarterly net loss of about $7 million.

In the same period, revenues hit about $224 million, a jump of about 18 percent from the same time frame last year.

In the company’s first chief executive change, Inglese was appointed CEO in June, succeeding Ron Wainshal who stepped down to deal with undisclosed health issues.

pschott@scni.com; 203-964-2236; twitter: @paulschott