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September 21, 2007 Adding to its massive real estate holdings in Stamford's South End, Greenwich-based Antares Investment Partners yesterday bought the 84,378-square-foot One Dock St. office building for $22.6 million, or $267.84 per square foot. Stamford-based Seaboard Properties Inc. was the seller. This summer, Seaboard Properties has sold eight Stamford office buildings making up 455,154 square feet and a marina on Southfield Avenue to Antares for a total of $123.85 million. Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis' New York Tri-State Region Institutional Group represented Seaboard Properties in the One Dock St. sale. "The properties' strategic waterfront and (central business district) locations, coupled with strong investor demand in Stamford, will continue to drive rental rate growth," Dunne said. "Stamford rents have spiked over the last six months, which will provide Antares with upside as below-market leases (expire)." Antares officials could not be reached for comment yesterday. The former warehouse building on Dock Street was constructed in the early 20th century. It has high ceilings, exposed brick walls and ceilings, oak floors and beams. The building was renovated in the early 1980s, said Gary Unger, founder and principal of CPG Architects, a tenant at One Dock St. for the past 23 years. "John had an eye for unique buildings that he could turn into a creative home for many companies," Unger said of Seaboard Properties President John DiMenna. "He was really good to his tenants." Other tenants at One Dock St. include TSN Group, a marketing company that promotes healthy aging and wellness; New China Management Corp., which invests in China; and Queally Group, a life insurance company. Seaboard Properties owns the One Atlantic St. office building in downtown Stamford and plans to renovate a retail building at 11 Forest St. and convert two office buildings at 100 Prospect St. in Stamford into rental apartments. Seaboard's latest sale complements Antares' expansion strategy in the South End, said Jeff Gage, senior vice president at Albert B. Ashforth Inc. commercial real estate in Stamford. "It's a nice building to have in their portfolio because it blends the old with the new," Gage said of One Dock St. Antares expects to redevelop 102 acres of former industrial property in Stamford's South End into housing and retail buildings over the next decade as part of its Harbor Point project. The company plans to acquire the former Manger Electric site in the South End near the Stamford train station next month. Antares bought office buildings at 333 Ludlow St. and 2187 Atlantic St. in the South End this year. Antares also develops condominium and single-family housing and owns restaurant buildings and hotels in Greenwich and Westport.
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