CBRE announced today the $72 million sale of 400 Atlantic Street, a value-add, 508,043 sq. ft. office tower in Stamford, CT. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Meredith LaPier of Advisory and Transaction Services, represented the seller, Spectrum Stamford, LLC, which is managed by Charter Communications, Inc. CBRE also procured the buyer, a partnership between George Comfort & Sons and AVG partners.
400 Atlantic Street, the former world headquarters for Charter Communications, became available following Charter’s completion of their new 875,000 sq. ft., two building campus at 400 Washington Boulevard. The 30% leased, 14-story train centric building is located on the southeast corner of Atlantic Street and Tresser Boulevard in the heart of the Stamford CBD, less than a five-minute walk to the Stamford Train Station as well as over 50 restaurants and five of the newest residential developments in Stamford. Its prime location, coupled with Stamford’s explosive millennial population, provides an ideal option for today’s workforce seeking a “live, work, play” office location.
Vice Chairman Jeffrey Dunne commented, “Stamford has transformed from a predominantly FIRE sector economy, to be a much more industry diversified with 89 percent of Stamford’s top 25 employers being in other sectors. This diverse employment base, along with the best 24/7 living environment north of Manhattan, continues to make Stamford the business capital of Connecticut. These dynamics provide an attractive market for the purchaser to be successful in the repositioning of 400 Atlantic Street.”
CBRE Institutional Properties is marketing a number of attractive investment opportunities including: 33 Riverside Avenue, a 91% leased, 42,432 sq. ft. waterfront property in Westport, CT; 710 Bridgeport Avenue, a 452,414 sq. ft., 100% leased industrial building in Shelton, CT; 1311 Mamaroneck Avenue, a 310,882 sq. ft. office building in White Plains, NY; and Garden City Plaza, a 594,813 sq. ft., four- building office campus in Garden City, NY.