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PRUDENTIAL CONNECTICUT COMMERCIAL REAL ESTATE REPORTS $14.3M IN MAJOR TRANSACTIONS
Stewart Snow, Partner, Prudential Connecticut Commercial Real Estate recently sold the Moran Towing Corporation for $12M or $286 psf. One of the leading owners and operators of tugboats on the east coast, Snow represented Moran when it leased the 42,000 sq ft office building at 50 Locust Street in New Canaan as its corporate headquarters. Moran was so pleased with the boutique setting of the village of New Canaan and their building that they bought the building with Snow as sole broker.
Bob Miller, Partner, Prudential Connecticut Commercial Real Estate sold a 49,000 sq ft warehouse building in Bridgeport to Style Master USA, a clothing and fabric distributor from New York City. The building sold for $2.3M or $47 psf, which was terrific for the buyer as industrial buildings with 21ft ceilings and no environmental issues routinely sell for nearly twice that and sometime four times that amount.
Miller and Snow are co-listing the former headquarters of International Paper Corporation with Studley at 400 Atlantic Street in Stamford. This 97,283 sq ft sublet includes a chairman's suite and corporate board room. Miller and Snow have already subleased 17,000 sq ft. Lease rate is $38-$42, plus electric. Comparable Class A office space in downtown Stamford ranges from $50-$60 psf and there are two build-to-suit buildings approved which list at $75, plus electric. |
