The new owner of a major downtown Stamford office building says it’s planning a series of capital improvements and stepping up leasing efforts.
Already a Subscriber? Log in
Get Instant Access to This Article
Subscribe to Hartford Business Journal and get immediate access to all of our subscriber-only content and much more.
- Critical Hartford and Connecticut business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Hartford Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article.
The new owner of a major downtown Stamford office building says it’s planning a series of capital improvements and stepping up leasing efforts following its recent acquisition.
Greenwich-based HB Nitkin Group said intends to invest in upgrades at Metro Center, the eight-story office building at 1 Station Place that it recently acquired for $64 million, according to an announcement related to the deal.
The building, located next to the Stamford train station, contains about 280,000 square feet of Class A office space.
Planned improvements include upgraded tenant interiors, the addition of prebuilt office suites, a redesigned lobby and arrival area, updated amenities and enhancements to parking, according to the announcement. Prebuilt suites are move-in-ready spaces constructed by the landlord, a format that has become more common as companies seek shorter lease-up timelines and lower upfront buildout costs.
Real estate services firm Newmark arranged the acquisition financing and will continue to serve as the building’s leasing agent. As previously reported, the deal included a $51.8 million acquisition loan led by Greenwich-based Knighthead Funding.
The upgrade plans come alongside new leasing commitments at the property, including from regional law firm Robinson+Cole and Roth Capital, according to the announcement.
Metro Center last sold in 2013 for $128.4 million, property records show. The recent $64 million sale price reflects ongoing pressure on office property values as landlords contend with higher vacancy rates and changes in workplace demand.
The property’s location directly adjacent to Amtrak and Metro-North service is expected to remain a key part of its leasing pitch as owners of older office buildings invest in upgrades to compete for tenants.
