Aby Rosen’s Stamford portfolio value plummets

Developer Aby Rosen bought seven buildings in Stamford, Conn. for $850 million at the peak of the market from Sam Zell’s portfolio, and now the buildings’ property values are plummeting. According to an estimate from Real Capital Analytics, the value of Rosen’s portfolio has fallen 24 to 32 percent, to between $575 and $650 million. Rosen and his partner, Michael Fuchs, bought the buildings believing they could rely on Stamford’s strong tenants, including banks and financial services firms, to pay higher rent and expand their offices, but now banks are trying to cut space and staff, and the 10 percent rent increases the buildings had been logging have stopped.