STAMFORD, CT—CBRE Global Investors reports it has acquired Stamford Towers, two adjacent office buildings totaling approximately 325,000 square feet in Downtown Stamford, CT, for $97 million.
The Los Angeles-based firm real estate investment firm purchased the complex from SL Green Realty and TH Realty. CBRE’s Institutional Properties’ Jefffrey Dunne, David Gavin and Travis Langer represented the seller in the transaction.
In addition, CBRE Global Investors and German investment company Universal-Investment report they have acquired a recently completed 1-million-square-foot build-to-suit distribution/warehouse facility in Gateway 57 Corporate Park in the Chicago suburb of University Park, IL that is 100% triple net-leased to Georgia Pacific Consumer Products. The acquisition was made for the account of an investment fund established for Bayerische Versorgungskammer, one of Germany’s largest institutional investors. No financial terms of the transaction were released.
Stamford Towers is comprised of two adjacent Class A office buildings located at 680 and 750 Washington Blvd. Among the property’s tenants include: Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital, Oppenheimer, CoreCommodity and Newmark. Stamford Towers has recently undergone a number of capital improvements, including the addition of a fitness center and basketball court, conference facility and new glass entranceways.
The 680 Washington Blvd. building totals approximately 134,000 square feet, while 750 Washington Blvd. totals about 192,000 square feet.
“Stamford Towers represents the most recent example we’ve seen of strong demand in the market for high quality suburban properties,” CBRE’s Dunne says. “We expect CBRE Global Investors will fare well with the acquisition due to Stamford Towers’ credit rent roll and strong position in the market.”
Gateway 57, located at Central Avenue in University Park, is home to several large distribution/warehouse users. The Georgia Pacific property is the latest delivery into University Park. The property is fully cross-docked and features 102 exterior dock doors, two drive-in doors, 200 trailer spaces, ESFR sprinklers and precast insulated concrete panels. With a 36-foot clear height, Gateway 57 is the only building in University Park with a clear height above 32 feet. This provides a distinct competitive advantage in attracting tenants who need a taller clear height for large racking systems, such as e-commerce retailers, CBRE Global states.
“Given the region’s expansive transportation infrastructure and central location, Chicago continues to be a premiere hub and a centerpiece of the U.S. freight transportation network,” states Stuart Sziklas, managing director for CBRE Global Investors-Americas. “University Park benefits from excellent transportation via I-57 and I-80 and access to a good labor force, and the physical attributes of Gateway 57 position it very competitively within the peer group.”
“BVK continues to be attracted to investments in North America as part of their geographical diversification strategy,” adds Alexander Tannenbaum, managing director at Universal-Investment in charge of the real estate division. “With industrial demand in this submarket bolstered by the expansion of e-commerce and the growing investment in the logistics space among traditional retailers and distributors, Gateway 57 consequently is a strategic addition for the BVK mandate.”