BPG Properties Buys Stamford Building for $21M

The transaction increases Philadelphia-based BPG's portfolio in Fairfield County to more than 740,000 sf. Its Connecticut holdings include 187 Danbury Rd. in Wilton, 185 Plains Rd. in Milford, 35 Nutmeg Dr. in Trumbull and 2150 Post Rd. in Fairfield.

"We plan improvements to the property, including a new entrance lobby, upgraded elevator cabs and other common area refurbishments," says BPG Properties vice president John Brogan, who directed the acquisition. "Given the building's walking distance to the train station, restaurants and the Downtown shopping district, we believe that 1010 will be well positioned to effectively compete in the market."

Cushman & Wakefield was retained by BPG Properties as the exclusive agent for the property. Albert B. Ashforth Inc., which represented MetLife in the sale transaction for the 137,589-sf building, has been retained by the new ownership as the property manager. Ashforth EVP Ed Tonnessen and John Stoddard, CCIM, represented Met Life in the sales transaction. Stoddard says that more than 70 parties were initially interested in the building and that BPG Properties, formerly known as Berwind Property Group, bested 14 other bidders for 1010 Washington Blvd. Met Life acquired the two-building complex in February 1998.

Paul Kauffman, executive director, Stephen Baker, senior director, and Gregory V. Frisoli, director, of Cushman & Wakefield will serve as the leasing team and will work closely with Kenneth S. Cala, vice president and senior asset manager for BPG. There is currently approximately 15,000 sf available for lease at the complex.

The leasing team will specifically target financial services firms and other companies in the market for 3,000 sf to 15,000 sf, Cushman officials note. "We expect to attract several relocations from Manhattan, namely in the financial services sector, based upon the building's close proximity to the train station and superb rental rates and amenities," Frisoli says.

The 1010 Washington Blvd. property is 86% occupied. Its major tenants include the Norelco division of Philips Electronics and two divisions of Grey Global Advertising. The property, built in 1987, consists of six stories over parking and a three-story plaza building.