JV Buys Connecticut Office for $34M
- Jul 19, 2019
A joint venture between The Melohn Group and Drake Street Partners has acquired 181 Harbor Drive, a 91,040-square-foot Class A office building in Stamford, Conn. Rubenstein Partners sold the asset for $33.5 million. The sale was subject to a $22.5 million loan provided by Natixis, according to Yardi Matrix data. CBRE represented the seller and procured the buyer.
The building, located within the 17-acre, 6-building, 780,445-square-foot Shippan Landing waterfront office campus, currently serves as the headquarters of Vineyard Vines. Freedom Boat Club is also a tenant, Yardi Matrix data shows. The building was constructed in 1982 and was most recently renovated in 2019 and provides access to the amenities of Shippan Landing, such as a fitness center, a beer garden, volleyball, basketball and bocce courts and a cafeteria. Additionally, the office building is near Interstate 95 and around 2 miles from downtown Stamford.
Rubenstein Partners will continue to own the remaining five offices within the campus. The firm plans to invest $40 million in capital improvements, which will bring new lobbies, building systems and outdoor collaborative space. Besides these, in June, the company invested $163 million in an office tower located in Stamford’s central business district.
CBRE’s team included Vice Chairman Jeffrey Dunne, Senior Vice President Steven Bardsley and Senior Investment Analyst Travis Langer.