RPW Group, based in Rye Brook, has bought the 10-story office building at 1055 Washington Blvd. in Stamford for $24 million, RPW”™s executive vice president Andrew Weisz confirmed to the Business Journal this morning.
RPW Group was founded in 1979 by Robert Weisz, who is president and CEO. A prominent commercial real estate developer and operator in both Westchester and Fairfield, it recently has been working on residential developments in Westchester. Andrew Weisz”™s role includes directing the firm”™s investment and leasing activities.
RPW purchased the Washington Boulevard property from SL Green. The building is on 1.47 acres and contains approximately 177,000 square feet. It was constructed in 1987 and offers ready access to I-95 while providing views of Mill River as well as downtown Stamford.
“We”™ve been focused on the tri-state and in particular Stamford, so we felt that this building was a good entrée into that market and we”™re planning to do more in Stamford and grow our footprint there,” Andrew Weisz said. “Westchester will continue to be a focus for us, but we”™re looking to expand in the tri-state area. For the Stamford market, 1055 is a fantastic building with a great tenant roster and very strong infrastructure.”
RPW Group is known for very often buying, upgrading and repositioning properties it acquires, among them the former General Foods headquarters in Rye Brook, which it developed into a multi-tenant complex.
“We are more committed to the office sector than ever,” Weisz said. “Once there is a Covid vaccine widely available, people will be committed to getting back into the office and being able to collaborate and work together.”
He said that RPW is pleased with the overall condition of the property, which he described as “fantastic,” while saying that it”™s the firm’s intention to bring it to a whole new level.
“We have about $5 million budgeted for capital improvements for the building, and that includes revitalizing the lobby,” Weisz said. “We’re going to be installing brand new elevator mechanicals, redo the cafeteria, and we”™re going to bring to life some of the outdoor spaces the building has.”
Those spaces include terraces on the ground and fourth-floor levels. He also said they are looking into improving vehicular drive-up access from Washington Boulevard as a longer-term project.
“We are going to be investing significant capital into the asset,” Weisz said, adding that RPW intends to be competitive when it comes to lease pricing. SL Green had been advertising space in 1055 Washington Blvd. at $42 per square foot.
“The Covid pandemic in many ways has provided some leasing velocity to Westchester and Fairfield counties. Greenwich has seen tremendous leasing activity, and we”™re starting to see, due to a lack of available space in Greenwich, companies looking a little further north to Stamford,” Weisz said. “We think that pricing will remain strong in Stamford and we expect in the next 12 to 24 months for leasing velocity to continue strong in that market.”
Weisz said RPW Group will be investing in sustainable technologies for its portfolio.
“Now more than ever, we are incredibly focused on that. We are in the process of negotiating a solar package for our buildings, providing solar panels on the roofs and in some cases doing solar carports, which provide energy and also as an added bonus covered parking for tenants,” Weisz said. “We are continuing to try to find ways of making our buildings more efficient and more green.”
