The CB Richard Ellis New York Tri-State Investment Team facilitated the sale of a 96,300-square-foot office building in Stamford, Conn.
The value of the transaction was $14.5 million.
The property, 600 Summer Street, is a class A asset situated on 1.3 acres. The building was constructed in 1967 and underwent a comprehensive, $7.9 million renovation in 2002. The renovation included all new mechanical and aesthetic components, including a new curtain-wall system, parking lot reconfiguration and access, ADA compliance, and complete lobby and common-area renovations.
At the time of sale, 600 Summer Street was 81 percent leased, with major tenants including GE Real Estate, Wofsey, Rosen, Kweskin & Kuriansky LLC, Chicago Title Insurance Co., and Bello, Lapine & Cassone. Notably, Wofsey Rosen, Chicago Title and Bello Lapine have been in the building since 1986, 1972 and 1994, respectively.
ITW Mortgage Investments II Inc., an entity serviced by GE Real Estate (a business unit of GE Commercial Finance), sold the property to 600 Summer Street Investor Associates LLC, an entity controlled by Seaboard Properties Inc.
The CB Richard Ellis New York Tri-State Investment Team specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country.
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