Northeast Capital JV grabs Stamford office campus for $235M
Stamford developer Building and Land Technology trades 557K sf complex
An office complex in Stamford, Connecticut, is trading hands in what is reported to be one of the priciest transactions in Fairfield County in recent memory.
A.M. Property and Northeast Capital Group are buying the 557,000-square-foot campus from Building and Land Technology for $235 million, CT Insider reported. The site includes interconnected buildings at 200 Elm Street and 695 East Main Street.
The joint venture required considerable financing to close the deal on the Class A office space. Real Estate Weekly reported Parkview Financial provided a $110 million bridge loan to finance the acquisition of the campus.
The 7.7-acre campus was built in 1984, but was renovated only five years ago. The two six-story buildings are about 81 percent leased to nine tenants, including Henkel of America, Deloitte and Webster Bank. The campus features a cafe, fitness center, entertainment space and four-story parking garage with 1,454 spaces.
The transaction is the largest property sale in Fairfield County this year, CT Insider reported. The previous record for a Stamford property sale this year belonged to PGIM Real Estate, which sold the Parc Grove Apartments in the heart of downtown to Pacific Urban Residential for $154 million.
A.M. Property previously found itself on the other end of an office deal when the Wasserman family’s firm and Quality Capital USA in 2018 sold three office condominiums at 420 Fifth Avenue for $54 million. Two floors were sold to Italian eyewear company Luxottica, while one was sold to Marist College.
Northeast Capital Group, a private equity investment firm based in Ramapo, New York, has been involved in several office sales this year. The company in May bought a six-building office complex in Iselin, New Jersey, from KBS for $88 million. Prior to that, an affiliate of the private equity investment firm paid $14.5 million for a nine-story office building near Miami International Airport.
[CT Insider] — Holden Walter-Warner