Stamford Office Towers Sold In $65 Million Deal

STAMFORD, CT — Stamford Towers, a two-building office complex at 680 and 750 Washington Blvd., has been sold to a joint venture between out-of-state real estate firms for a total of $65,350,000, according to information from the Stamford Town Clerk's Office. The sale includes a vacant parcel of land adjacent to 750 at 734 Washington Blvd., for $1,218,480.

The building at 680 Washington Blvd. sold for $26,224,683, and 750 sold for $37,906,836, records from the Stamford Town Clerk's Office notes.

Real estate firm CBRE represented the seller, CBRE Investment Management, and also procured the buyers, Lamar Companies and Real Capital Solutions.

The deal marks the firms' first office purchase in Connecticut.

Lamar Companies is a real estate investment company headquartered in Fairfield, N.J., and Real Capital Solutions is a commercial real estate agency based in Louisville, Colo.

The Class-A office buildings, which are across from WWE headquarters, are 326,468 square feet in total; each building is 11 stories tall. The properties are 83 percent leased and anchored by Citigroup, Gerald Metals, H/2 Capital, Oaktree, and Legal & General, according to CBRE.

Located steps from both Amtrak and Metro-North service, the towers are surrounded by more than 3,700 apartment units and within walking distance of about 50 restaurants and entertainment venues.

In an announcement Wednesday CBRE said the property’s location in Stamford’s central business district offers significant upside due to high tenant demand and comparatively low vacancy rates.

"Stamford Towers provides a superb train-centric location, within steps of the Metro North/Amtrak Stamford Station, and is the best located submarket in Stamford with the highest tenant demand," said CBRE Vice Chairman Jeff Dunne in an announcement. "As a result, we expect Lamar/RCS to succeed in bringing occupancy close to 100 percent."

Steven Bardsley of CBRE said the towers’ roster of credit tenants provides the buyers with stable income as they work to lease remaining space.

The towers previously sold in 2017 for a combined price of around $95 million.