Reckson Acquires 225 High Ridge for $76M

STAMFORD, CT-In a deal that strengthens it presence in Fairfield County and particularly in Stamford, Reckson Associates Realty Corp. has purchased the 225 High Ridge Rd. office campus here, GlobeSt.com has learned. A source indicates the purchase price was about $76.3 million.

Reckson, a REIT headquartered in Melville, NY, acquired the property from Hines, which built the 227,966-sf building in 1990. The property sits on 14.1 acres and features such tenants as Philip Morris Capital Inc., Synapse Group Inc., Morgan Stanley, Metropolitan Life, Ford Motor Co. and US Trust Private Client Group. The deal brings Reckson’s office portfolio in Connecticut to more than 1.5 million sf.

“The addition of 225 High Ridge Rd. leverages our Landmark Square, Stamford Towers and 1055 Washington Blvd. properties with increased critical mass in the prestigious Fairfield marketplace and further validates how strongly we believe in this market,” says Reckson’s COO Salvatore Campofranco. Designed by architect David Childs, the property consists of two three-story office buildings totaling approximately 115,000 sf each. Amenities include a 215-seat full-service cafeteria, two executive conference rooms, a fitness center, jogging trail, covered parking and a private shuttle service to the Stamford Transportation Center. Reckson’s New York tristate area portfolio now consists of 90 properties it owns, controls or has under contract, totaling approximately 18.9 million sf.