Antares adds to Stamford shore portfolio

For $87 million, Antares Investment Partners has purchased an office portfolio on Stamford”™s waterfront, along with an adjacent marina and another building in Stamford”™s business district.
Stamford Landing and 600 Summer St. have a total 300,000 square feet of space.
Seaboard Properties Inc. bought 600 Summer St. in January 2006, paying previous owner GE Real Estate $14.5 million for the 100,000-square-foot building.
Seaboard has been pricing space in 600 Summer St. recently at $27 per square foot; lease rates in the Stamford Landing buildings have ranged between $32 and $38.
Stamford Landing tenants include the Crab Shell Restaurant, Graystone Partners and Northwest Airlines.
“Stamford rents have spiked over the last six months, which will provide Antares with (an) upside as below-market leases roll,” said Jeff Dunne, a broker with CB Richard Ellis who represented Seaboard Properties. “This aggressive pricing speaks to the continued appeal of the Stamford market as a major corporate and financial center hub.”
Antares is redeveloping an 80-acre parcel of land on Stamford”™s waterfront for residential and retail use. Earlier this year, the company purchased the 400,000-square-foot 333 Ludlow St., which serves as its headquarters.