Grubb & Ellis sales brokers Jason Meister and Jon Epstein have sold a pair of office properties in Stamford, Connecticut.
Corporate Lease Properties, a subsidiary of the construction company Structure Tone, acquired the buildings for about $4 million in the deal.
Meister and Epstein had been marketing the two buildings, 30 Oak Street and 1200 Bedford Street for Lincoln Financial Group, a North Carolina bank that had foreclosed on the two buildings last year.
The properties are part of the same office complex and together total roughly 72,000 s/f. Meister said that they cater to tenants seeking Class B space in Stamford, a banking hub north of Manhattan where a number of major financial institutions such as UBS have significant facilities.
Meister said that about 70 percent of the space is vacant, offering the buyer a chance to lease the properties and capture the potential upside of a rising office market. 1200 Bedford Street is fully vacant, allowing tenants in the size range of roughly 30,000 s/f the chance to take the entire building as their own dedicated facility. A private office complex is considered a hard to find amenity in larger markets like New York City