1111 & 1177 Summer St., Stamford
Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CB Richard Ellis’ New York Tri-State Investment Team recently represented Ivy Summer Assoc., an entity controlled by Ivy Equities, in the sale of 1111 & 1177 Summer St. in Stamford for $24.3 million, or $196.64 per square foot. The team also was responsible for procuring the buyer in a 1031 tax deferred exchange transaction.
The property, which is located in the heart of the Summer Street Corridor, includes two 6-story office buildings collectively containing 123,578 square feet. With three separate means of ingress and egress, 1111 & 1177 Summer St. is accessible from both Hoyt and Oak streets, connecting the property to every major north-south roadway in the city’s central business district, including Interstate 95 and the Merritt Parkway. Within a short walk of Stamford’s restaurant row, the new Marriott Courtyard and Target/Citibank retail center to the south and the Ridgeway Shopping Center and Sheraton Hotel to the north, officials said the property’s easy accessibility and amenity-rich location creates a desirable tenant destination.
At the time of sale, the property was 91.2 percent leased to 16 tenants including Ernst & Young, Cardiology Associates of Fairfield County, Parker Global Strategies and Patriot National Bank.
“Due to the property’s prime location along the Summer Street Corridor, it is well positioned to continue to retain and attract a solid tenant base,” Dunne said. “The buildings are also poised to benefit significant rent growth as a result of the current rent spikes in Stamford’s CBD.”
HFF Closes Sale
The Hartford and Boston offices of Holliday Fenoglio Fowler have closed the sale of Addison Corporate Center, a 632,107-square-foot office building in Windsor.
Managing Director Tim Breda and Senior Managing Director Riaz Cassum led the HFF team exclusively on behalf of the seller, Windsor Property Holdings. Cabot Investments purchased the property for $64.39 million on a free-and-clear basis. Windsor Property Holdings is an entity of AFI Inc. and ESCO Realty. AFI provides professional services related to the development and management of commercial real estate primarily for affiliated accounts. ESCO Realty is a privately held real estate investment firm with assets throughout the United States.
Addison Corporate Center originally was built in 1975 by Aetna as its data center and has undergone extensive renovations over the last five years, including fully renovated common areas and cafeteria renovations, a new common multimedia conference room and an on-site health club. The 1- and 4-story buildings are 95 percent leased to investment grade tenants including Bank of America, Genworth Financial, the Hartford Insurance Group, RR Donnelly and Aetna. Located at 175 Addison Road, the property is in the southern end of the Day Hill Road corporate center in Windsor, a northern suburb of Hartford.
“Addison Corporate Center is a great investment for Cabot due to its plethora of amenities and building systems and excellent location between Bradley International Airport and Hartford, in addition to Hartford providing a strong rental value,” said Breda. “Windsor Property Holdings did a tremendous job of marketing the property’s strengths to attract such a high-quality rent roll, which confirms the property’s leadership position in the market.”
HFF operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital market services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sale and note sales advisory services and commercial loan servicing.
