Barings Sells Stamford Office Building for $15M
- Sep 18, 2019
After recently selling Regency Plaza in Denver, Barings—on behalf of institutional investors—has sold the 179,000-square-foot Soundview Plaza in Stamford, Conn., to an entity affiliated with Twenty Lake Holdings. Yardi Matrix data shows the asset changed hands for $15.2 million, while ConnectOne Bank originated a $26 million, two-year bridge loan for the buyer.
The new owner plans to kick off a capital improvement program at the property. According to Yardi Matrix, Soundview Plaza underwent cosmetic upgrades un 2015. Located at 1266 E. Main St., the seven-story building includes a three-story atrium lobby and common-area amenities such as a cafeteria, fitness facility, conference center and covered parking structure.
At the time of sale, the asset was 88 percent leased to a tenant roster comprising Regus, Siegel & Kaufman and Petretti & Associates, also per Yardi Matrix information. Situated at exit 9 off Interstate 95, the asset is close to retail and dining options in downtown Darien, as well as the Stamford Transportation Center, which provides Metro North Rail access throughout the region.
The Cushman & Wakefield team of Vice Chairman Gary Gabriel, Executive Vice Chairmen David Bernhaut and Andy Merin, along with Executive Managing Directors Brian Whitmer and Al Mirin, Director Matt Torrance, Associate Director Frank DiTommaso and Associate Kate Schwartz, worked on behalf of the seller and procured the buyer. According to DiTommaso, the new owner will benefit from the in-place cash flow while the renovation program is implemented.