GHP Office Realty Acquires Stamford Building for $8M

GHP Buxton LLC, an affiliate of GHP Office Realty of White Plains, acquired the property from Buxton, LLC. The HK Group of Westport represented the seller along with attorney Irv Kern of Cohen & Wolf of Bridgeport, CT. Richard Walderman of Goldberg, Weprin & Ustin of New York City handled negotiations for GHP Office Realty. Jack Houlihan of Houlihan-Parnes/iCap Realty Advisors, LLC arranged a $6.75 million first mortgage on the 30 Buxton Farms property with a large real estate investment bank for GHP Office Realty.

The deal for 30 Buxton Farms Road is GHP Office Realty's second major building acquisition this year. In April, the firm purchased 300 Alexander Park, a 36,800-sf office building in Princeton, N.J. for $6.2 million. GHP Office Realty's holdings in Connecticut now total four fully leased office buildings of more than 177,000 sf.

The 30 Buxton Farms Road building is the site of furniture retailer Huffman Koos' flagship Connecticut store, which totals 44,000 sf of space on two floors. Other tenants at the property, which was built in 1973, are Coldwell Banker, Country Living Associates and Lincoln Snacks, which each occupy approximately 4,700 sf of space.

Andrew Greenspan, managing partner of GHP Office Realty, said of the firm's latest acquisition, "This is a great addition to our portfolio. It is a fully leased class-A office building in a highly desirable office market."

He continued, "We now own four fully leased office buildings in Connecticut and we are looking for more properties in our key markets in New York, New Jersey and Connecticut. At the moment, we have two other buildings under contract in Westchester and Princeton, NJ, that should close in the near future."

Jim Houlihan, managing partner of GHP Office Realty, says the company believes in the future of the Stamford market. "Stamford has been and will continue to be the focal point for growth in the Fairfield County marketplace. Once the national economy gets back on track, Stamford will once again reap the benefits of its prime location near New York City and will attract tenants from all over the region."

The company's other Connecticut holdings are: 1290 East Main St., a 55,000-sf office building in downtown Stamford; 38-C Grove Street, a 25,000-sf office building in Ridgefield and 1221 Post Road East in Westport, which totals 35,270 sf. The company's entire Fairfield County portfolio is 100% occupied.