Harbor Point developer Building and Land Technology (BLT) announced this week that it had purchased the former Pitney Bowes headquarters building at One Elmcroft Road in the South End of Stamford, CT for $38.5 million. The vacant 550,000-square-foot Class A office building was sold by Pitney Bowes, which moved its operations to a different Stamford location. According to a CTNOW report, BLT did not disclose a timeline for leasing the complex, which was built in 1986 and designed by noted architectural firm I.M. Pei & Partners.
"We remain bullish on Stamford and are delighted to make this new investment in the office market here,” said Carl Kuehner, III, CEO of BLT, of the deal. "This is a spectacular opportunity to own and redevelop an outstanding asset that will meet the needs of today's companies. ... Stamford is a bright spot for the Connecticut economy, and we are proud to have secured long-term commitments from tenants like Deloitte, Starwood, and XL Reinsurance by offering high quality space, excellent access to transportation, and the lifestyle amenities that help these companies grow and attract top talent."
The property is a 550,000-square-foot Class A office complex adjacent to Harbor Point, the transformative mixed-use waterfront development in Stamford. Situated at the tip of the South End peninsula, the complex offers stunning views of Kosciuszko Park, Stamford Harbor, and Long Island Sound. The sale price of $70 a square foot for the building is considered a bargain, considering what it would cost to construct the building today.
"To build that building brand new, it would be well in excess of five times that cost," said James Fagan, senior managing director at the Stamford office of commercial real estate service firm Cushman & Wakefield. Cushman & Wakefield represented Pitney Bowes in the sale.
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