Downtown Stamford office building sells for eight figures
STAMFORD — A downtown office building has sold for approximately $18.2 million, in one of the city’s largest sales of the past year.
Darien’s Forstone Capital sold the approximately 93,000-square-foot property, at 600 Summer St., to a group owned and controlled by Stamford-based real estate investment firm New England Investment Partners. In 2015, Forstone acquired the site for about $10.7 million.
“Forstone and the (real estate) brokers from Rhys did a spectacular job repositioning 600 Summer St.,” said New England Investment Partners co-founder and Principal Ari Yasgur. “This is an impressive and well-located building, with a strong and prestigious tenant base. We are proud and excited about this new acquisition.”
Tenants include ground-floor offices of H&R Block and Stamford Bank & Trust, with several law firms and other corporate offices on the upper floors.
“Our business plan was based around adding value through comprehensive building improvements and providing high-quality build-outs at competitive rents,” said Scott Raasch, Forstone’s director of business development. “We feel we accomplished this goal, and the time was right to sell the asset.”
Six Hundred Summer’s sale produced about $227,000 in state conveyance taxes.
The seven-story structure, which was built in 1970, was appraised for about $15.5 million in 2017, according to the Vision Appraisal property database.
Forstone made about $1.4 million worth of renovations to the property. They included new elevator lobbies and bathrooms on each floor, new signage, a new glass awning and entranceway and improvements to the main lobby, parking lot and mechanical equipment.
In Stamford, Forstone also owns office blocks at 750 E. Main St., and 9 W. Broad St. Forstone bought the former property for approximately $8.1 million in 2016 and the latter, in a joint venture with Westport Capital Partners, for $14.5 million in 2013.
It has since undertaken major renovations at the two buildings, which were both nearly empty when Forstone acquired them. Today, leasing levels run at about 90 percent at 9 W. Broad and around 80 percent at 750 E. Main.
Among other downtown building sales in recent months, the site of the Stamford Marriott hotel sold for about $32 million and a two-building complex at 1111-1117 Summer St., went for $12.4 million.
The approximately $130 million sale last November of a Greenwich office campus at 100 W. Putnam Ave., marked the area’s largest property transfer of 2018.
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