Former Charter Communications HQ Acquired By George Comfort & Sons for $72 Million
Real Estate In-Depth | May 4, 2022
STAMFORD, CT—A partnership of New York City-based George Comfort & Sons and AVG Partners of Beverly Hills, CA has acquired the former headquarters of Charter Communications at 400 Atlantic St. here for $72 million.
Commercial brokerage firm CBRE reported the transaction for the 14-story, 508,043-square-foot office tower. The property became available following Charter’s completion of its new 875,000-square-foot, two building campus at 400 Washington Blvd. in Downtown Stamford.
The 30% leased, 400 Atlantic St. building is located on the southeast corner of Atlantic Street and Tresser Boulevard in the heart of the Stamford CBD. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Meredith LaPier of Advisory and Transaction Services, represented the seller, Spectrum Stamford, LLC, which is managed by Charter Communications, Inc. CBRE also procured the buyer, a partnership between George Comfort & Sons and AVG Partners.
CBRE Vice Chairman Dunne said of the deal, “Stamford has transformed from a predominantly FIRE sector economy, to be a much more industry diversified with 89% of Stamford’s top 25 employers being in other sectors. This diverse employment base, along with the best 24/7 living environment north of Manhattan, continues to make Stamford the business capital of Connecticut. These dynamics provide an attractive market for the purchaser to be successful in the repositioning of 400 Atlantic Street.”
George Comfort & Sons has significant holdings in New York City, Fairfield County and Westchester County. Its Westchester holdings include: the Centre at Purchase, 601 Midland Ave., Rye, 900 King St., Rye Brook and 1100 King St., Rye Brook, as well as the redevelopment of the former Good Counsel campus on North Broadway in White Plains.
CBRE Institutional Properties is marketing a number of investment opportunities in the New York City and surrounding suburban markets that include: 33 Riverside Ave., a 91% leased, 42,432-square-foot. waterfront property in Westport, CT; 710 Bridgeport Ave., a 452,414-square-foot, 100% leased industrial building in Shelton, CT; 1311 Mamaroneck Avenue, a 310,882-square-foot office building in White Plains and Garden City Plaza, a 594,813-square-foot, four-building office campus in Garden City.