"http://www.stamfordplus.com/stm/information/nws1/publish/News_1/index.shtml - News</head> : Real Estate Published: May 16, 2011 - 5:26 AM

CB Richard Ellis announces sale of One Dock street

By CB Richard Ellis

First significant office sale in Stamford market since 2008

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One Dock Street
Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis’ New York Institutional Group represented Antares One Dock LP in the sale of One Dock Street in Stamford, Connecticut for $15.8 million. The team was also responsible for procuring the buyer, Dock Street Holdings LLC, a joint venture between Meritage Properties and ClearRock Properties. The transaction marks the first significant office investment sale in the Stamford market since 2008.

One Dock Street is an 87% leased, 85,723± SF architecturally distinct post-and-beam office building with frontage on the new four-lane Stamford Urban Transitway and within walking distance of the Stamford Transportation Center. Situated at the gateway to the master planned 80-acre Harbor Point redevelopment, One Dock’s market position will benefit through the additional residential (up to 4,000 units) and retail amenities (400,000 SF) being developed as part of the Harbor Point. One Dock’s strategic transit-oriented location just off Interstate 95 is attractive to potential tenants and provides efficient commuter access by both car and rail.

Jeff Dunne commented, “One Dock provides Meritage and ClearRock with substantial in-place income while still offering significant upside through lease-up of vacant space and raising existing below market rents to current market levels. The high investor interest in One Dock, the largest office transaction sold in Stamford since 2008, is indicative of both the demand for these types of opportunities and the overall optimism in Stamford’s underlying market fundamentals.”

About the CB Richard Ellis’ New York Institutional and Capital Markets Group:

The CB Richard Ellis New York Institutional Group (the “Group”) specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last four years. Based on its ability to strategically advise clients through complex real estate and capital market cycles, CBRE has consistently achieved the highest sales prices in each of the region’s submarkets. Through its affiliation with CBRE Debt & Equity Finance, a leading debt and equity firm, CBRE is also able to provide clients with a comprehensive array of financial instruments and strategies. The unique platform, comprised of Debt & Equity Finance and Investment Properties, works seamlessly to assure clients that all alternative recapitalization strategies are evaluated. When working with buyers of assets, optimal debt structures are often secured, enabling borrowers to obtain more loan proceeds at attractive terms and sellers to achieve better results. By combining investment sales with debt and equity solutions, investors are ultimately provided with maximum flexibility to achieve their capital needs.

The New York Institutional Group has a number of attractive investment opportunities currently on the market including: Morris Corporate Center III, 527,432± SF office property in Parsippany, NJ; Milford Corporate Center, a 460,811± SF office property in Milford, CT; the Surrey Portfolio, a 23-building, 680-unit apartment portfolio in Hartford, CT; and 535 Connecticut Avenue, a 174,591± SF office property in Norwalk, CT.

About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. For more information, visit www.cbre.com.

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