STAMFORD – Stamford Towers, one of the major downtown high-rise commercial buildings in downtown Stamford, has been sold to a joint venture of Lamar Companies and Real Capital Solutions for an undisclosed price, according to the seller CBRE Investment Management.
The combined 2024 appraised value of the two towers – 750 Washington Blvd. and 680 Washington Blvd. – was $90.7 million prior to the sale, according to Stamford property records. Prior to the sale, the owner of record for both properties was SPUS8 680 Washington Blvd. LP. The properties were built in 1988.
CBRE Vice Chair Jeff Dunne has good vibes about the new owner of the towers.
“Stamford Towers provides a superb train-centric location, within steps of the Metro North/ Amtrack Stamford Station,” Dunne said. “And is the best located submarket in Stamford with the highest tenant demand. As a result, we expect Lamar/RCS to succeed in bringing occupancy close to 100%.”
The CBRE team of Jeff Dunne, Steve Bardsley, and Travis Langer, in collaboration with David Block, completed the sale of Stamford Towers. CBRE represented the seller and procured the buyer. The sale is Lamar/RCS’s first office purchase in Connecticut.
Stamford Towers includes two-train centric Class A office assets totaling 326,468± square feet. The 83% leased towers are anchored by Citigroup, Gerald Metals, H/2 Capital, Oaktree, and Legal & General.
The existing vacancy at Stamford Towers offers significant potential upside due to its highly desirable train-centric location, according to CBRE. This submarket has the lowest vacancy, most tenant demand and highest rental rates in the Stamford Central Business District.
