Ivy Realty

Seaboard Properties Acquiring Stamford Office Building

An affiliate of Seaboard Properties is buying One Atlantic Street, an 81,491-square-foot office and retail building in Stamford, Conn., from One Atlantic Street Associates and Richmond Avenue Associates, two entities controlled by Ivy Realty. Seaboard is paying $21.5 million, or around $307 per square foot. Jeff Dunne's team at CB Richard Ellis represented the sellers. Dunne said that Seaboard would benefit from higher rents that were being seen for Stamford offices. Calls to Ivy were not immediately returned.

John DiMenna, president of Seaboard said that Seaboard will be relocating its own offices to the building. "We think it's a great building. It's a Main and Main location," he added. Although rents are below market, most of the leases will be rolling over in the next five years. TD Bank North is providing acquisition financing. He said the acquisition would be a long-term hold.

Seaboard recently sold many of its Stamford holdings to Antares Investment Partners. One Atlantic, once the tallest building in Stamford, is listed on the National Register of Historic Places.




			Seaboard Properties Acquiring Stamford Office Building An affiliate of Seaboard Properties is buying One Atlantic Street, an 81,491-square-foot office and retail building in Stamford, Conn., from One Atlantic Street Associates and Richmond Avenue Associates, two entities controlled by Ivy Realty. Seaboard is paying $21.5 million, or around $307 per square foot. Jeff Dunne's team at CB Richard Ellis represented the sellers. Dunne said that Seaboard would benefit from higher rents that were being seen for Stamford offices. Calls to Ivy were not immediately returned. John DiMenna, president of Seaboard said that Seaboard will be relocating its own offices to the building. "We think it's a great building. It's a Main and Main location," he added. Although rents are below market, most of the leases will be rolling over in the next five years. TD Bank North is providing acquisition financing. He said the acquisition would be a long-term hold. Seaboard recently sold many of its Stamford holdings to Antares Investment Partners. One Atlantic, once the tallest building in Stamford, is listed on the National Register of Historic Places.
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