Antares Buys Holly Pond Plaza for $14M

In July, Seaboard Properties Inc. sold a majority of its of office portfolio here, including the five-building 206,217-sf Stamford Landing complex and 70-slip marina, to Antares Investment Partners. In addition to Stamford Landing, the deal also included the seven-story 98,251-sf 600 Summer St. office building Downtown. Sources told GlobeSt.com at the time of that deal that Antares and Seaboard were in negotiations on the trading of the Holly Pond Plaza property.

Commenting on the Holly Pond Plaza purchase, James Cabrera, Antares' co-founder and managing partner, says, "Holly Pond Plaza and the Seaboard portfolio is a premier collection of office buildings in Stamford. This acquisition is aligned with Antares' commercial expansion strategy and continued investment in the Stamford market to acquire a diverse range of quality assets within the Metropolitan New York region."

Major tenants at Holly Pond Plaza, which is near the Stamford border with Darien, include DKR Capital Inc., Craig M. Ferguson & Co. and Argus Investors' Counsel. The building was 92% occupied at closing. Jeffrey R. Dunne, vice chairman of CB Richard Ellis' New York Tri-State Region Institutional Group, represented Seaboard Properties in the transaction.

Antares has been very active in the Stamford market of late, In June a joint venture of Antares, Goldman Sachs of New York City and Lubert-Adler Real Estate Funds of Philadelphia purchased the 393,670-sf Stamford Harbor Park complex for $135.8 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. The company currently owns or manages a more than 10-million-sf portfolio, 8.5 million sf of which is located in the City of Stamford.

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.