Antares Buys One Dock St. for Nearly $23M

STAMFORD, CT-CB Richard Ellis reports that Antares Investment Partners of Greenwich, CT has closed on the final piece of an eight-asset portfolio with locally-based Seaboard Properties Inc. Antares paid approximately $22.6 million or nearly $268 a sf for the 84,370-sf office building along the city’s waterfront.

The deal, which closed on Wednesday, concludes what was a three-phased sale of the portfolio. In the end the eight waterfront properties totaling 455,154 sf of office space sold for a total of $123.8 million or approximately $272 a sf. The properties included 1-5 Stamford Landing, 600 Summer St., Holly Pond Plaza and One Dock St., as well as a 70-slip marina that is located near the Stamford Landing office complex.

Six of the properties were traded between the two parties in July. Holly Pond Plaza closed earlier this week. Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis’ New York Tri-State Region Institutional Group represented Seaboard Properties in the sale and also procured the buyer.

Commenting on the sale, CBRE’s Dunne says, “The properties strategic waterfront and CBD locations, coupled with strong investor demand in Stamford will continue to drive rental rate growth. Stamford rents have spiked over the last six months, which will provide Antares with upside as below market leases roll.”