Stamford-based Building and Land Technology has sold a downtown Stamford office complex for $235 million, according to published reports.
The buyer is a joint venture of A.M. Property Holding II Corp. and of Northeast Capital Group. Northeast Capital Group is a private equity investment group based in Ramapo, NY, led by CEO Joel Kiss. A.M. Property is a company wholly owned by the Wasserman family that operates approximately 2.5 million square feet of office space in the Tri-State area.
Parkview Financial provided a $110 million bridge loan to for the acquisition of the 557,581 s/f Class A office complex comprised of two interconnected buildings located at 200 Elm Street and 695 E Main Street in Stamford, CT.
“Parkview Financial created a highly curated solution for the borrower on the acquisition of this trophy asset,” said Paul Rahimian, CEO and Founder of Parkview Financial. “The borrower, who plans on a long-term hold on this well-located Class A building, intends to stabilize the property by implementing a leasing program, and will place permanent financing at a later date.”
He added, “This was a compelling bridge loan opportunity for us as this asset has credit tenants, stable cash flows, and a strong institutional sponsorship team. We were able to provide certainty of execution to close this extremely time-sensitive transaction.”
The property is located on the northeast corner of East Main Street and Elm Street and is opposite the new Sheraton Stamford Hotel on East Main Street. Located in the City of Stamford which is the fourth largest city in Fairfield County and is within the Greater New York metropolitan area, the property is convenient to local highways and the New Haven Line on the Metro-North Railroad, the commuter rail system for northern metropolitan New York City.
Built in 1984 and renovated in 2016, the 7.71-acre office campus consists of two, six-story buildings and is currently 80.8 percent leased to nine tenants including Henkel of America, Deloitte, Diageo, Webster Bank, and McDonald’s. The property features an atrium lobby, 17 passenger elevators, café, fitness center, outdoor seating, entertainment space and a four-story subterranean parking garage with 1,454 spaces.