Stamford, CT Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE’s Institutional Properties represented RA 225 High Ridge LLC, an entity controlled by RNY Property Trust, in the sale of 225 High Ridge Rd. for $22.55 million. The team was also responsible for procuring the buyer, TNREF III High Ridge, LLC, a joint venture between Baywater Properties of Darien, Connecticut and an investment fund managed by True North Management Group, LLC of White Plains, N.Y.
225 High Ridge Rd. is a 244,104 s/f class A office building located on the northern border of the Stamford CBD. Currently 81% leased, 225 High Ridge offers significant upside through further lease up, while having a strong credit rent roll, including Synapse (66,530 s/f), Bank of America (26,319 s/f) and Mass Mutual (11,469 s/f), which anchor the property. 225 High Ridge’s location approximately two miles from the Stamford Train Station (45 minutes to NYC), I-95 and the Merritt Parkway, provides access to the property. The 14-acre landscaped campus, which includes a full-service cafeteria and fitness center, in addition to garage parking, provides a welcoming tenant destination.
Dunne said, “225 High Ridge is a high-quality asset and offers new ownership stable income with a high credit rent roll and upside from nearly 47,000 s/f in vacancy. Further, Stamford is the region’s only 24/7 transit-oriented live/work/play environment, that is experiencing significant growth with approximately 2,300 apartment units under construction to meet the urban demand. Collectively, these factors bode well for the future of the property.”