700 Canal Street
Stamford, CT
Project summary
Partner: Gottesman Real Estate Partners
Mountain Development Corp.
Stamford, CT
Total SF: 90,000
Partner
Gottesman Real Estate Partners
Mountain Development Corp.
Mountain Development Corp.
Property
- Office
- 90,000 SF
Timing
June 2012 – Current
Opportunity
- Non-performing four building loan sale (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
- Significant capital needed to reposition buildings to class A loft-style office
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
- Planned and managed a full building gut renovation that included a glass-box entrance, new lobby, elevators, common areas and pre-built tenant suites
- In 2015, ClearRock recapitalized the property and increased its ownership stake
- Long term hold