30 Oak Street

4-story office building located within the Summer Street corridor, a stable infill submarket of Stamford that serves value oriented tenants.  At the time of acquisition, the property was an REO held by an insurance company.  The prior owner suffered from over leverage during the economic downturn and a lack of capital to invest in the properties, with 1200 Bedford completely vacant at the time of sale.  STE recognized the under management of the property, as well as the ability to convert the vacant building to residential.  Prior to close, STE negotiated to condo the parcel, sell the vacant 1200 Bedford building to a local residential developer for the same price per square foot as the entire 30 Oak leased building.

This transaction left STE with a 55% occupied office building with a stable base tenants, and proceeds from sale of the vacant property to use for capital improvements including garage repairs, new roof, lobby renovations, corridor upgrades and tenant improvements.  STE subsequently financed the property with 10-year non recourse debt that cashed out its investment plus additional proceeds for future lease up.