The twin Stamford Towers office buildings have traded hands.
The sale price was not disclosed and no deed has been filed with the Stamford city clerk’s office, suggesting that ownership stakes in the limited partnership that holds the deed may have traded hands.
The 680-750 Washington Blvd. complex clad in glass and pink granite was built in 1988 a short walk from Stamford’s Metro-North station. The two nearly identical, 9-story buildings total 328,388 square feet, per city records.
Commercial brokerage CBRE represented the seller, CBRE Investment Management, and procured the buyer, a joint venture of Lamar Companies and Real Capital Solutions. It is Lamar/RCS’s first office purchase in Connecticut, CBRE said.
The brokerage said the asset is 83 percent leased to a mix of tenants anchored by Citigroup, Gerald Metals, H/2 Capital, Oaktree and Legal & General. CBRE’s announcement credited that to its “highly desirable train-centric location” and the proximity of nearly 4,000 apartments and 50 restaurants and other entertainment options nearby.
In statements, CBRE brokers Jeff Dunne, Steve Bardsley – part of the four-person team along with Travis Langer and David Block, that handled the deal – said they expected the new owners will take advantage of the property’s “surety of existing income,” thanks to its high number of credit tenants, to focus on bringing occupancy up to 100 percent.