Continuing to parcel out pieces of the former Equity Office Properties Trust to buyers at record prices, The Blackstone Group struck a deal to sell a seven-building portfolio of office properties totaling more than 1.6 million square feet in Stamford, CT, for about $850 million, according to a source familiar with the deal.
New York firm RFR Realty LLC, which is run by Aby Rosen and Michael Fuchs, agreed to buy the seven-building portfolio for about $518 per square foot. The New York office of Eastdil Secured LLC brokered the deal.
The acquisition includes the four-building Stamford Plaza office complex along Tresser Blvd. The properties total 959,573 square feet and rents go for between $44.67 and $51 per square foot at the buildings, according to CoStar Group information.
The portfolio also includes the 188,029-square-foot building at 177 Broad St, Canterbury Green, a 226,197-square-foot building at 201 Broad St., and the 272,458-square-foot building at 300 Atlantic St.
The deal gives RFR Realty high-quality assets with some upside potential. A couple of the buildings in the portfolio are 100% leased, but overall, the portfolio has an average occupancy rate of 91.6%. Rents range from $32 per square foot up to $51. Local players expect the deal to lift rents in the area, according to published reports.
RFR Realty owns several office and multifamily properties in Manhattan, including 275 Madison Ave., 400 Park Ave. and 2 Herald Square.