CBRE IM Sells Connecticut Office Campus
The two-building property underwent renovations in 2015.
A joint venture between Real Capital Solutions and Lamar Cos. has acquired Stamford Towers, a 332,000-square-foot office property in Stamford, Conn. CBRE Investment Management previously owned the two-building asset, according to Yardi Research Data.
The transaction marks RCS’ first purchase in the state, as well as Lamar’s first office deal this cycle. At the time of sale, the complex was 78 percent leased, with tenants including Citigroup, Oaktree Capital Management and H/2 Credit Manager.
The campus previously traded in August 2017, when a joint venture between SL Green and TH Real Estate sold it for $97 million. At the time of sale, it was the city’s largest office deal of the year.
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Located at 680 and 750 Washington Blvd. within the city’s central business district, the property is close to Stamford Transportation Center and Interstate 90. Lower Manhattan and downtown New Haven, Conn., are within 41 miles.
A two-building Stamford campus
Completed in 1989 and 1990, the 11-story buildings underwent renovations in 2015. The mid-rise at 680 Washington Blvd. spans 132,477 square feet and has floorplates averaging 18,617 square feet, as well as about 400 parking spaces and a fitness center.
The other building, totaling 192,939 square feet, is LEED Silver-certified and has floorplates averaging 27,278 square feet. Additionally, the facility has almost 580 parking spots. The campus also has a basketball court, conference center, on-site café and renovated lobbies.
Founded in 1972, CBRE Investment Management has a portfolio comprising $155.3 billion in assets under management. Earlier this year, the firm sold 2600 Michelson, a 310,925-square-foot office building in Irvine, Calif., for $42 million.
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