International Paper Deal Is Largest Sale in Region in Past Two Years

STAMFORD, CT-Not only has International Paper sold its building at 400 Atlantic St. here for $105 million, but it plans to relocate its headquarters from Putnam, NY to the very building it no longer owns. This deal, negotiated by Cushman & Wakefield’s regional office here, is the largest regional sale in the last two years. A partnership of three companies has purchased it.

The 482,852-sf building with 15 floors was sold just last June to International Paper as part the company’s acquisition of Champion International Corp., which was based here. Now, 400 Atlantic Associates LLC owns the building where International Paper will lease approximately 132,000 sf of space distributed among four floors. The partnership that acquired the site is made up of the Landis Group, based here; Allegiance Capital Partners, based in New York City; and Riveroak Investment Corp., also based here.

Andrew Merin, executive director of C&W’s Financial Services, negotiated the sale. “The sale of he International Paper Building marks the first time in a number of years that an office property of such size and quality has been sold in the Stamford market,” he commented in an official statement.