Cushman & Wakefield announced today that the largest building in Stamford, CT has been sold by a subsidiary of Procter & Gamble (“P&G”) to a local investment group. The property consists of approximately 700,000 square feet (sf) on 32.68 acres of land and is located along I-95 on Blachley Road in Stamford. It formerly served as a corporate headquarters, manufacturing/distribution, and research and development facility for P&G’s Clairol subsidiary, which recently relocated its manufacturing to Mexico and its staff to Cincinnati, Ohio, Danbury, Connecticut and Woodland Hills, California.
The property is located on I-95 at Exit 9, just off Route 1. It has been continuously used by P&G, as successor to Clairol, since 1968, and is believed to be the finest multi-purpose commercial property in the region.
The purchaser represents a joint venture consisting of affiliates of Steven Wise Associates, LLC, Spinnaker Real Estate Partners and the Connecticut Film Center. According to owners, Clayton Fowler and Steven Wise, “The property is extremely well located, multi-faceted and truly best-in-class. We will reposition the property in the marketplace for single or multi-tenancy and believe it will be a most competitive draw for Stamford and the region for a variety of uses.”
Stamford Mayor Michael Pavia, stated that “The City of Stamford looks forward to working with the new owners to realize the property’s full potential in harmony with its neighbors.” The seller was represented by Charles S. (Trip) Hoffman III, senior director of Cushman & Wakefield, who said “The buyer is a sophisticated real estate owner, operator and developer capable of executing its vision for this best-in-class building.” The purchaser was represented by itself in the transaction. Cushman & Wakefield will have a continuing role in the marketing of the property.
About Cushman & Wakefield:
Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. Founded in 1917, it has 231 offices in 58 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, Consulting Services, including business and real estate consulting; and Valuation & Advisory Services, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
