Stamford, CT, January 17, 2007 – Ivy Summer Associates, L.P., an entity controlled by Ivy Equities, recently announced the sale of 1111 and 1177 Summer Street in Stamford, Conn. for $24.3 million or $196.64 per square foot. The buyer is a consortium of private investors.
1111 and 1177 Summer Street are two six-story, Class-A office buildings comprising a total of 123,500 square feet. The property is well located in the Stamford CBD and is easily accessible from all major roadways, the Metro North train line, local retailers, and area hotels. The property also features a newly renovated main lobby and an 80% covered parking structure.
“The sale of 1111 and 1177 Summer Street completes our value creation strategy for this asset,” says David Archibald, senior investment officer for Ivy Equities. “Our leasing team did a tremendous job leasing space to high credit tenants, and this property is well-positioned to remain a leading Class-A office property in this market.”
At the time of the sale, the property, which was built in 1978, was more than 91% leased to tenants including: Ernst & Young, Cardiology Associates of Fairfield County, PC, Parker Global Strategies, LLC, Pavarini Construction Co., Inc., and Patriot National Bank.
Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CB Richard Ellis’ Tri-State Investment Team represented both Ivy Equities and the buyer in this transaction.
About Ivy Realty
Founded in 1996, Ivy Realty, a wholly owned subsidiary of Ivy Equities, is a leading real estate investor and developer throughout New Jersey, New York and Connecticut. Ivy targets investment opportunities in undervalued, high grade, income producing commercial properties. The Company has built a reputation for successfully completing a wide spectrum of creative developments in the office, mixed-use, retail, build-to-suit and residential sectors. Currently, Ivy Realty owns, manages and leases a four million-square-foot portfolio with added development potential throughout the tri-state area.
For more information contact Ivy Realty at their Montvale, New Jersey headquarters at (201) 573-8400 or visit the website at www.ivy-realty.com.
