Monday Properties Pays $27M for Connecticut Office Asset
- Nov 25, 2020
Monday Properties has finalized the $27.3 million acquisition of a 224,000-square-foot, Class A office property in Stamford, Conn. Oracle sold the two-building complex, according to Yardi Matrix data.
Located on 37 acres at 900 Long Ridge Road, the property encompasses two buildings and a four-story parking deck with 307 spaces. The three-story Building 1 spans 59,700 square feet and was completed in 1970. Delivered in 1982 and renovated in 2010, Building 2 rises four stories tall and totals 164,300 square feet.
At the time of closing, the complex had an occupancy rate of 73.35 percent. The property has a fitness studio with locker rooms, auditorium, training and meeting rooms and a cafeteria. Building 2 houses Nestle Waters’ North American headquarters.
The office park is situated in the Merritt Parkway corridor, which has more than 5.4 million square feet of office space, according to JLL. The property sits 5 miles north of Interstate 95 and roughly 41 miles northeast of Midtown Manhattan.
JLL Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Directors Stephen Simonelli and Michael Oliver, along with Analyst Michael Kavanagh, negotiated on behalf of the seller.
In October, Monday Properties paid $76 million for Shirlington Tower, a 233,446-square-foot office asset in Arlington, Va. A partnership between Velocis and Moore & Associates sold the property.