One Dock Street
Stamford, CT
Project summary
Partner: Juster Properties
Stamford, CT
Total SF: 90,000
Partner
Juster Properties
Property
- Office
- 90,000 SF
Timing
May 2011 – Current
Opportunity
- Historic 1885 brick and beam mill building
- 80% occupied with 30% rollover in the first two years at below market rents
- 150 yards from Stamford Transportation Center
- Located in the master-planned 80 acre Harbor Point development, which was just beginning construction at the time of acquisition
- Priced well below replacement cost due to Stamford market concerns, upcoming roll and on-going environmental issues
Value Add / Execution
- Planned and managed a full building repositioning including a new lobby, upgraded common corridors, new bathrooms and roof
- Remediated legacy environmental issues and exited Transfer Act
- Leased to 100% occupancy while raising rents by 25%
- Since the initial roll the property has maintained a 90%+ occupancy
- In 2013, ClearRock bought out an original partner and increased its ownership stake
- Long term hold