STAMFORD: Stamford Towers two adjacent class A office building have sold for $97 million. The buildings were last sold in1998 for $61.3 million to the seller Manhattan based commercial real estate firm SL Green Realty Corp. The sellers were represented by brokers Jeffrey Dunne and David Gavin with support from analyst Travis Langer of CBRE’s Institutional Properties, the buyer is CBRE Global Investors based in Los Angeles, CA.
The property is located in the city’s CBD, and one block from the Stamford Transportation Center, providing service to Grand Central Terminal in 50 minutes, as well as Amtrak service to destinations throughout the Northeast. The property is also close to the 722,000 Square foot Stamford Town Center Mall, as well as restaurants and retails options.
The property is currently leased to institutional and high credit tenants, including Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital, Oppenheimer, CoreCommodity and Newmark, among others. In addition, Stamford Towers benefits from recent capital improvements, including the addition of a fitness center and basketball court, conference facility and new glass entranceways.
The building reportedly were nearly fully occupied and were generating approximately $13 million annually in rents.