Seaboard Properties Buys 600 Summer St. for $15M

Seaboard Properties president John DiMenna Jr. says that his firm's portfolio consists mainly of multi-tenanted office buildings outside of Downtown. The availability of 600 Summer St. allowed the firm to purchase a property in the heart of the Downtown district, he adds.

Although the building is currently 81% leased, DiMenna expects its chief tenant, GE Real Estate, to vacate its 45,000-sf offices there once its lease expires. The firm has about a year remaining on its lease, he notes. Seaboard Properties had owned one Downtown building, 1111-1177 Summer St., until about five years when it sold the property.

Other tenants include Wofsey, Rosen, Kweskin & Kuriansky, LLC, which has a 15,000-sf office; Chicago Title Insurance Co., which leases 6,352 sf; and Bello, Lapine & Cassone at 5,144 sf. The property was built in 1967 and underwent a $7.9-million renovation in 2002. Wofsey Rosen, Chicago Title and Bello Lapine have been in the building since 1986, 1972 and 1994, respectively and renewed their leased during the renovation and realized a large rent increase to do so, CB Richard Ellis officials note.CB Richard Ellis' Jeffrey R. Dunne and Steven P. Bardsley represented the seller and also procured the buyer. Seaboard Properties portfolio in Stamford includes its flagship waterfront property, Stamford Landing, which totals more than 200,000 sf of office space; 1 Dock St., an 85,000-sf office; the 65,000-sf Holly Pond Plaza office; and the 161-unit Biltmore Apartments property, which the firm is currently converting to condominiums. The company also owns the 129-unit Clock Tower Close condominium apartment property in Norwalk and the 190-unit Beacon Mill Village rental apartment community in Beacon Falls.