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Goldman Sachs, Lubert-Adler buy Connecticut office park for $136m

The two investment firms, part of a consortium led by Antares Investment Partners, have acquired the latest piece of the Harbor Point redevelopment project in suburban Connecticut with the $136m acquisition of the Stamford Harbor Park office complex.

An investor consortium comprised of Antares Investment Partners, Goldman Sachs and Lubert-Adler has reportedly acquired a 393,670-square-foot office park in Stamford, Connecticut for $135.8 million (€102 million). Hartford-based Cornerstone Real Estate Advisors was the seller.

The Stamford Harbor Park complex is comprised of two waterfront towers connected by a common atrium and includes an adjacent, 3.2-acre land parcel. According to press reports, the complex is approximately 77 percent leased.

Antares has amassed more than 80 acres of land for its large-scale Harbor Point project in Stamford’s South End. The project, currently caught up in the approvals process, could attract up to $3 billion in investment to the former industrial area. When completed, the mixed-use development will house office space, retail shops, hotels, entertainment venues and schools, in addition to more than 4,000 planned residential units.

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 Greenwich, Connecticut.

According to a recent report in The Wall Street Journal, Antares owns eight Greenwich office buildings, which house a number of hedge funds. The firm also has investment stakes in four local restaurants, as well as a local motor lodge that was renovated into an upscale hotel. Antares has teamed up with Goldman Sachs in the past, purchasing the former headquarters of tobacco company UST earlier this year for $130 million.