NYC-Based Monday Properties Acquires Stamford Office Complex for $27.25M
Real Estate In-Depth | November 25, 2020
STAMFORD, CT—Monday Properties, a national real estate firm based in New York City, has acquired a two-building office complex totaling 224,000 square feet at 900 Long Ridge Road in Stamford, CT for $27.25 million.
The deal marks Monday Properties’ second acquisition in less than two months and the first this year in the New York Tri-State Area.
JLL Capital Markets represented the seller; the team was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Directors Stephen Simonelli and Michael Oliver and Analyst Michael Kavanagh. Real Estate Weekly reported the seller was tech giant Oracle.
“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 JLL’s Cruz.
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 Nestle Waters North America. The 36.58-acre campus offers tenants a three-quarter mile long walking trail, full fitness center with locker rooms, auditorium, training rooms, full-service cafeteria and large and small boardrooms.
“This year has demonstrated that Monday Properties sees possibilities and rewards where others see risk. Even during a time of economic uncertainty, we continue to create opportunities through strategic deals that position us for the future,” said Adam Carr, senior vice president of acquisitions and investment management at Monday Properties.
Last month, Monday Properties and joint venture partner Neo Capital acquired Shirlington Tower, a 233,446 square-foot office building in Arlington, VA.
Monday Properties is a vertically-integrated real estate investment firm that owns, operates, develops and invests in a dynamic portfolio of mixed-use properties. Since 2002, the firm has completed more than 70 property transactions representing $14 billion in capital value and 30 million square feet.