Antares Investment Partners, the Connecticut-based real estate development and private equity firm, has increased its holdings in Stamford with the $87-million (€63 million) purchase of the Seaboard Properties portfolio, a move that extends its commercial holdings to 2.2 million square feet across 10 properties.
Totaling 305,000 square feet, the Seaboard portfolio is comprised of three office properties and a 70-slip marina.
Antares has amassed more than 80 acres of land for its waterfront Harbor Point redevelopment project in Stamford’s South End. The $3-billion development, when completed, will include office space, retail shops, hotels, entertainment venues and schools, in addition to more than 4,000 planned residential units.
In a statement, John Wheeler, president of corporate acquisitions at Antares, expounded on the commercial viability of the city as a new business center.
“A tight office market and high rents in Manhattan, coupled with the growth of new financial service firms and the economic ecosystem that they spawn, are driving demand in Stamford and the greater Fairfield county area,” he said.
Last month, Antares led a consortium of investors which included Goldman Sachs and Lubert-Adler in the $136-million acquisition of the 393,670-square-foot Harbor Park office complex in Stamford, another part of the Harbor Point project.
Greenwich-based Antares was founded in 1996 by Joe Beninati and Jim Cabrera. The firm has a property portfolio valued at $4.5 billion, a significant portion of which is invested in nearby Greenwich, Connecticut.