STAMFORD, CT-One of Stamford’s most iconic structures has received an early holiday gift. Cushman & Wakefield Sonnenblick Goldman exclusively arranged an $86 million senior mortgage loan on behalf of SL Green Realty Corp. for the 826,000-square-foot mixed-use Landmark Square in the city’s CBD.
The five-year fixed-rate financing was provided by AIG Asset Management on behalf of a wholly owned life insurance subsidiary of American International Group, Inc. The property, says C&W, generated much interest from the lending community based on its distinctiveness in the southern Connecticut market.
“Landmark Square is one of the truly premier properties in Stamford,” says Steven Kohn, president of C&W Sonnenblick Goldman, in a prepared statement. “That fact along with the strong sponsorship of SL Green were of utmost importance to the lending community.”
Situated on 7.16-acres, the seven-building complex consists of office space, downtown retail and a nine-screen movie theater. Since 2007, SL Green has made several improvements to the property, including plaza renovations, upgraded common area lighting, new elevators and a brand-new 20,000-square-foot tenant-only health club. Under the owner’s current capital improvement program, SL Green is upgrading common areas and completing a modernization of the building’s atrium.
According to the SL Green website, asking rents for office space at the complex ranges from the mid $30s per square foot to the high $40s per square foot for high floors with city views. The C&WSG team on the deal consisted of Kohn, Alex Hernandez, Christopher Moyer and Sridhar Vankayala.
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