Antares Pays $87M for Stamford Properties

The transaction now expands Anatares' office portfolio in Stamford by approximately 305,000 sf to nine buildings and approximately 2.1 million sf. In addition to Stamford Landing, the deal also includes the seven-story, 98,251-sf 600 Summer St. office building in Downtown Stamford. The deal comes a short time after Antares announced an expansion of its commercial division and is seeking to acquire "world class properties in the tri-state area." The firm is targeting a total of $1.7 billion in assets this year.

The acquisition provides significant upside potential for Antares, especially at the Stamford Landing property where average rents at $25.11 per sf are currently $7 under average rents at similar properties in Stamford, a company spokesman notes. Stamford Landing is currently 98% occupied.

Sources say a sale involving Seaboard's 66,300-sf Holly Pond Plaza office building in Stamford is also in the works with Antares.

"The Seaboard portfolio is a marquee collection of office properties that will position Antares and our investors to benefit from continued strong demand for office space from major corporations relocating to Stamford," says James Cabrera, co-founder and managing partner of Antares Investment Partners.

Joe Beninati, co-founder and managing partner of the firm, adds, "We are proud to include these new office properties in our growing Stamford portfolio and to demonstrate our continued commitment to this city's bright future."

Jeffrey R. Dunne, vice chairman of CB Richard Ellis' New York Tri-State Region Institutional Group, represented Seaboard Properties in the transaction and procured the buyer.

Just last month a joint venture of Antares Investment Partners, Goldman Sachs of New York City and Lubert-Adler Real Estate Funds of Philadelphia purchased the 393,670-sf Stamford Harbor Park complex for $135.75 million from Cornerstone Real Estate Advisers of Glastonbury.

That transaction included the waterfront office complex at 333 Ludlow St., which consists of two eight-story towers connected with a two-story atrium, as well as an adjacent 3.2-acre development parcel.

Antares is also pursuing approvals on a $3-billion, 82-acre waterfront redevelopment project in Stamford. The multi-phased Harbor Point project, which will include residential housing, retail and restaurant space along with a host of public amenities, recently received approval from the Stamford Zoning Board.