Royal Bank of Scotland’s troubled existence at 600 Washington Blvd. in Stamford is likely to change, as Philadelphia real estate investment adviser Rubenstein Partners LP has bought the 12-story, approximately 450,000-square-foot office building for $163 million.
“Our 12-year lease term demonstrates our commitment to Stamford and we believe that remaining in this building best serves our employees and our clients,” said Paul Stevelman, head of U.S., NatWest Markets, formerly RBS, Corporate & Institutional Banking.
He added that the company’s U.S. sales and trading operations in the building “remain a core part of our business, providing our clients with access to the US dollar markets across currencies, rates and financing.”
Under the RBS banner, the company had laid off several hundred workers over the past four years.
Built in 2009 to serve as the U.S. headquarters of RBS, 600 Washington is in downtown Stamford’s central business district and is approximately 85% leased; other tenants include UBS and Bank of America. Rubenstein Partners plans to convert underutilized areas within the building into additional office space.
“We were able to leverage our familiarity with the market to secure and finalize the acquisition,” said Rubenstein Partners Regional Director Robert Andrews. “Based on recent activity, Rubenstein Partners is also confident that Stamford is poised to strengthen in the coming years and we are pleased to add one of the premier office assets within the market to our growing portfolio.”
Jones Lang LaSalle represented NatWest in the transaction.