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Ashforth Buys Stamford Building for $9 Mil

STAMFORD, CT-The Ashforth Company has acquired 707 Summer St., a three-story, 72,000 sf office building here for $9 million and will relocate to approximately 30,000 sf at its new property later this year.

By John Jordan | Updated on January 15, 2002

STAMFORD, CT-A well-known local commercial real estate investor, manager and brokerage firm has spent $9 million to acquire 707 Summer St. here and will relocate its operations to approximately 30,000 sf of space at the downtown office building.

Ed Tonnessen, executive vice president of Albert B. Ashforth Inc., reports that the company purchased the building from Regency Savings Bank, which is headquartered in Illinois. The deal closed on Dec. 28. and is valued at approximately $120 per sf.

The Ashforth Co. expects to take occupancy of between 25,000 sf to 30,000 sf of space at the three-story, 72,000 sf building by the summer of this year. The company’s new offices will be home to approximately 100 Ashforth Co. employees. The company is now headquartered at Stamford Square (3001/3003 Summer St.), a seven-story 280,000-sf property. The Ashforth Co. and its various operating units: Albert B. Ashforth Inc. Management Services, Albert B. Ashforth Inc. Corporate Real Estate Brokerage and A.P. Construction Co. currently occupy approximately 20,000 sf of space there. The Ashforth Co. owns that property as well.

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