As the largest Fairfield County commercial real estate investment transaction of 2011, the former General Reinsurance Corporation headquarters at 695 East Main Street in Stamford traded hands for $30 million in a year-end closing. Cushman & Wakefield, Inc.’s Metropolitan Area Capital Markets Group orchestrated the sale from Lehman Brothers Holdings Inc. to Stamford-based developer Building and Land Technology (BLT).
According to Andrew Merin, who teamed with David Bernhaut, Gary Gabriel and Grace Braverman of Cushman & Wakefield’s East Rutherford, N.J. office and Tom O’Leary of the firm’s Stamford office in marketing 695 East Main Street, this high-profile deal reflects investor appetite for quality assets.
“While this offering came at a time of economic uncertainty, we saw incredible interest in this property,” said Merin. “Within weeks, 695 East Main Street generated more than 100 signed confidentiality agreements and 20 property tours. This property is arguably the premier office asset in Connecticut, situated in a prime urban setting where very few large assets have come on the market in recent years. It is an investment primed to generate substantial benefits for the new ownership."
Located in the heart of Stamford’s downtown, near the city’s transportation center, the 560,000-square-foot building offers frontage and high visibility from I-95. “We found that 695 East Main Street appealed to both users and investors,” O'Leary said. “In a rebounding market that currently has a limited number of availabilities, it ultimately provided BLT the chance to add a true trophy asset to its portfolio.”
695 East Main Street is a uniquely-designed six-story property. Designed by renowned architectural firm Kohn, Pederson and Fox, the property features a timeless image and highest-end finishes, including marble, granite and reflective glass. Currently vacant, the building also includes an outdoor plaza, a full-service cafeteria with atrium seating, fitness center, community conference room and 1,400 covered parking spaces.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $15.2 billion worth of transactions since 2000.
