STAMFORD, Conn – Cushman & Wakefield has announced the sale of Soundview Plaza, a landmark, seven-story office property prominently located at Exit 9 off I-95 in Stamford. An affiliate of TL Holdings purchased the 179,000-square-foot, Class A asset from Barings, on behalf of institutional investors. Barings is one of the world’s largest diversified real estate investment managers.
Located at 1266 E. Main Street, Soundview Plaza is 88% leased to 15 tenants. The property features a three-story atrium lobby and an array of onsite amenities including a full-service cafeteria, fitness center, conference center and an attached, covered parking structure. Upper floors also offer exceptional views of the Long Island Sound.
“The buyer identified an opportunity to acquire an institutionally owned asset that has been historically well-occupied,” noted Gary Gabriel, a member of Cushman & Wakefield’s New Jersey capital markets team, who represented the seller and procured the buyer with David Bernhaut, Andy Merin, Brian Whitmer and Frank DiTommaso II (East Rutherford, N.J.), as well as Al Mirin, Matt Torrance and Kate Schwartz (Stamford).
Situated in Fairfield County, along the border of Darien and Stamford, Soundview Plaza offers tenants a variety of nearby amenities, from downtown Darien (to the east) lined with shops and local eateries, to Stamford’s bustling city center (to the west) featuring newly developed apartment communities, restaurants, entertainment venues and the Stamford Transportation Center – providing Metro North Rail access throughout the region.
“1266 E. Main is certainly a well-known building within the local Stamford market, having served as home to WWE for many years,” DiTommaso noted. “It has great visibility and a very prominent presence immediately off I-95. New ownership will benefit from in-place cash flow while it implements a renovation and capital improvement program.”
Cushman & Wakefield’s New Jersey-based capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.