CBRE Pays $97M for Stamford Towers

SL Green and TH Real Estate sold the two buildings after completing a series of significant upgrades that involved building a new fitness center, basketball court and conference facility.

Stamford Towers, Stamford, Conn.
Stamford Towers, Stamford, Conn.

A joint venture between SL Green and TH Real Estate has sold two Class A office buildings in Stamford, Conn. The buyer, CBRE Global Investors, purchased the adjacent properties for $97 million, in the city’s largest office sale so far this year, according to Stamford Advocate.

Stamford Towers are sited at 680 and 750 Washington Blvd., totaling 325,416 square feet of space, according to Yardi Matrix. They were built in 1988 and renovated in 2015, now including a new fitness center and basketball court, a conference facility and glass-clad entryways.  

Easy access to Manhattan

The towers are located in the CBD, minutes away from the Stamford Transportation Center, which is closely linked to Manhattan’s Grand Central Terminal. Nearby amenities also include the Stamford Town Center Mall, restaurants and retailers.

The properties are occupied by tenants such as Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital and Oppenheimer, to name a few.

CBRE Institutional Properties Vice Chairman Jeffrey Dunne, Senior Vice President David Gavin and Travis Langer acted on behalf of the sellers. Stamford Towers last traded in 1998 for a combined $61 million.

Stamford Towers represents the most recent example we’ve seen of strong demand in the market for high-quality suburban properties. We expect CBRE Global Investors will fare well with the acquisition due to Stamford Towers’ credit rent roll and strong position in the market,” Dunne said in a prepared statement.

Image courtesy of CBRE