Stamford office complex changes hands for $27.25M
JLL Capital Markets led the sales effort for the Class A property with durable cash flow
MORRISTOWN, N.J., November 24, 2020 – JLL Capital Markets announced today that it has closed the sale of 900 Long Ridge Road, a two-building, Class A office complex totaling 224,000 square feet in Stamford, Connecticut.
JLL represented the seller, a Fortune 100 company, in the transaction. Monday Properties, a national real estate investment firm, purchased the asset.
900 Long Ridge Road consists of Building 1, which is a three-story, 59,700-square-foot building; Building 2, which is a four-story building totaling 164,300 square feet; and a four-story, 307-space parking garage. The complex is 73.35% occupied overall and Building 2 serves as the headquarters for an investment grade tenant in the food and beverage industry. The 36.58-acre campus offers tenants a ¾ mile long walking trail, full fitness center with locker rooms, auditorium, training rooms, full-service cafeteria, and large and small boardrooms.
The property is positioned within Stamford in Southern Connecticut, and more specifically, in the Merritt Parkway Corridor, which features more than 5.4 million square feet of office space. The immediate area surrounding 900 Long Ridge Road boasts strong demographics - within a one-mile radius there are more than 2,200 residents earning an average household income of more than $225,000 and a median housing price of $698,848. Additionally, this location provides excellent regional connectivity via convenient access to Route 9 and Interstate 95 as well as Amtrak service into Manhattan.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Directors Stephen Simonelli and Michael Oliver and Analyst Michael Kavanagh.
“Since COVID we are seeing investors pivot to office investments that primarily feature a single investment-grade tenant with a long-term lease, which was the case here at 900 Long Ridge Road,” said Cruz.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.