Seaboard Properties Buys One Atlantic St.

The eight-story, 81,491-sf red brick/white marble building is located near the new Marriott Courtyard and Target/Citibank retail project. It is also across the street from some of the city's more notable properties including the Ferguson Library, the Landmark Square office complex and the Stamford Town Center.

Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CB Richard Ellis' New York Tri-State Region Institutional Group represented Ivy Realty entities One Atlantic Street Associates LP and Richmond Avenue Associates LLC. They also procured the buyer, an affiliate of Seaboard Properties.

The building's largest tenant is Bank of America, which leases 13,237 sf, followed by Diserio, Martin & O'Connor, and Perkins Eastman Architects, which each occupy 9,315 sf.

Commenting on the transaction, CBRE's Dunne says, "One Atlantic St. is one of Stamford's most historic and best-located assets. Seaboard stands to fare well from the property's flexible floorplates, stable retail income and diversified office income that is poised to benefit from the rent spikes currently being experienced in Stamford."In July, Seaboard Properties made news when it sold a majority of its Stamford office portfolio, including the five-building 206,217-sf Stamford Landing complex and 70-slip marina, to Antares Investment Partners of Greenwich, CT in a deal valued at $86.8 million.

The transaction expanded Anatares' office portfolio in Stamford by approximately 305,000 sf to nine properties totaling approximately 2.1 million sf. In addition to Stamford Landing, the deal also included the seven-story 98,251-sf 600 Summer St. office building in Downtown Stamford. On its company website, Seaboard Properties reports it will relocate its corporate headquarters from Stamford Landing to One Atlantic St. sometime in 2008.