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Stamford Financial Centre Sells for $30.3M

Developer Acquires 582,000-SF Office Tower from Lehman Brothers
January 4, 2012
Building & Land Technology, a Stamford- based real estate development company, acquired the six-story Financial Centre in Stamford, CT from Lehman Brothers Holdings, Inc. for $30.3 million, or about $52 per square foot.

The building, renamed the BLT Financial Centre, delivered in 1984 at 695 E. Main St. The property is vacant and sits opposite the new Sheraton Stamford Hotel, with frontage on Elm Street and minutes from the Stamford Train Station. Known for its characteristic clock tower, granite and reflective glass exterior; the 614,000-square-foot, class A office tower is being targeted by Building & Land Technology for extensive renovation and will be exclusively leased by Newmark Knight Frank.

Andrew Merin, David Bernhaut, Gary Gabriel, and Grace Braverman of Cushman & Wakefield of New Jersey, Inc. in East Rutherford, along with Tom O'Leary and Stephen Baker of Cushman & Wakefield's Stamford office, represented the seller.

Please see CoStar COMPS #2235283 for more information on this transaction.

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