Repositioning Holly Pond

New York-based Faros Properties and Boston-based Gould and Co. have teamed up on an extensive multimillion-dollar renovation project at Holly Pond Plaza in Stamford.

The partnership has begun work on the building at 1281 E. Main St., an office property comprising some 70,000 square feet.

“Our acquisition of Holly Pond Plaza was an exceptional investment opportunity, which allowed us to purchase a quality asset in a high demand submarket with one of the lowest vacancy rates in Fairfield County,” said Alexander Leventhal, managing partner of Faros Properties.

He declined to disclose the sale price.

Leventhal said he expects the entire property to be leased upon completion of the renovation.

The glass and brick office building w?? constructed ?n 1981 and is located ?n the Stamford non-CBD submarket on Main Street near East and Weed avenues. The first three levels are reserved for indoor parking and the four upper floors are dedicated for office space.

Faros and Gould bought the property last year and according to Leventhal had planned the renovation as a way to reposition the property in the high-end office building market. Cushman & Wakefield has been named the exclusive leasing agent of the property.

The interior improvements, which are being done by Mark Van Summern from Perkins Eastman, include new design elements for the entryway, main lobby, common corridors, elevator cabs and restrooms. The project also includes a new fa̤ade for the buildingӪs entrance, parking garage upgrades and landscaping. Leventhal said the improvements will be completed by year-end.

Faros and Gould also bought 555 Theodore Fremd Ave. in Rye, N.Y., in March, which they are also repositioning. Leventhal said the company plans to continue adding to its portfolio, seeking distressed opportunities created from the recent economic downturn.