Cushman & Wakefield's Connecticut and New York City offices represented the bank, Abbey National Treasury Services PLC, in its deal with the building owner, 400 Atlantic Title LLC, a partnership of the Landis Group of Stamford, Broadway Associates of New York City and RiverOak Investment Corp. LLC of Stamford. Landis represented the building owner.
Abbey National, which will occupy the entire second floor of 400 Atlantic St., is the first tenant to sign on at the building since its sale to 400 Atlantic Title LLC on Dec. 28, 2000. The firm is expected to occupy the space by June 2001.
Prior to the sale, the building had been owned by Champion International and subsequently by International Paper Co., which acquired Champion in June 2000 in a $7.3 billion transaction. International Paper will relocate its headquarters here from Purchase, NY and will occupy 132,000 sf of space on four floors in the 15-story building that totals 482,852 sf of space.
"Already home to the US headquarters of UBS Warburg and now Abbey National, Stamford is making its mark as a burgeoning international financial center," says Kenneth M. Krasnow, regional managing director of Cushman & Wakefield's Fairfield and Westchester County operations. "The foundation for the arrival of tenants of a similar caliber is set, and we anticipate other international financial firms to follow suit."
With the Abbey National deal, there is approximately 250,000 sf of available space for lease at the building. Krasnow reports that another three leases are in negotiations for a total of approximately 100,000 sf. He notes that all of those deals could close within the next 30 days.
Cushman's Steve Baker comments, "The deal was done start to finish within three weeks."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
