STAMFORD, CT-SL Green Realty Corp. has traded 300 Main St., an 80,708-square-foot office asset here that the REIT acquired as part of a portfolio in 2007, to locally based Seaboard Properties. HFF, which marketed 300 Main on behalf of SL Green, did not disclose the sales price; industry data show it sold for $13.5 million, or $163 per square foot.
Built in 1927, 300 Main was previously known as the First Union National Bank building. It consists of an eight-story office building with street-level retail and a 147-space parking garage.
Most recently renovated in 2011, the building is 76% leased to tenants including Elizabeth Arden and Putnam. The property is located in the Downtown Stamford Historic District, near the intersection of US Route 1 and less than one-third of a mile from Interstate 95.
Senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O'Hearn and Jeffrey Julien and associate director Steve Simonelli, all of HFF, arranged the sale. “This asset presented investors with a prime opportunity to acquire a well-maintained and ideally positioned historical property in a great downtown location within Stamford, which is home to numerous Fortune 500 and top flight financial firms,” says Cruz.
For Seaboard, which owns a variety of residential, commercial and corporate housing assets in Fairfield County, the deal brings its Stamford office properties to three. It also owns 1 Atlantic St. and 88 Hamilton Ave., the latter an office/flex warehouse building.
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