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October 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Two-building Stamford office complex sells for $12.4 million

The two-building, 128,000-square-foot office complex at 1111-1117 Summer St. in Stamford has been acquired by Silverback Development for $12.4 million.

The property is at 50 percent occupancy. Spanning an entire city block, the 1.58-acre site recently underwent a $2 million renovation across both six-story structures, which updated the lobbies, hallways and public spaces.

Silverback now owns five buildings in downtown Stamford, including 777 Summer St., 733 Summer St. and 612 Bedford St.

“We believe Stamford is one of the most promising resurgent real estate markets in the tri-state area right now, as evidenced by the influx of Millennials, real estate, health care and tech companies flocking to the area,” said Alan Glick, vice president of development at Silverback. “We are extremely excited to add these two properties to our rapidly expanding portfolio.”