850 Canal Street
Stamford, CT
Project summary
Partner: Gottesman Real Estate Partners & Mountain Development Corp.
Stamford, CT
Total SF: 70,000
Partner
Gottesman Real Estate Partners & Mountain Development Corp.
Property
- Office
- 70,000 SF
Timing
June 2012 – Current
Opportunity
- Purchased a four-building, non-performing loan (700, 850, 860, & 880 Canal St.)
- Located in the master planned 80 acre Harbor Point development, which had recently begun construction during the marketing process
- Within walking distance to the Stamford Transportation Center
- Planned vacancy of anchor tenant in 2017
Value Add / Execution
- Completed a friendly foreclosure on all four buildings
- Created individual entities and a reciprocal easement across the four-building portfolio to maximize parking and remedy historical ingress/egress issues
- In 2015, ClearRock recapitalized the property and increased its ownership stake
- In 2017, a full building renovation was undertaken to bring the building up to the same standards of 700 Canal St. – including a new lobby and high-quality prebuilt suites
- Long term hold