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September 21, 2007 CB Richard Ellis yesterday announced that it has completed the sale of Seaboard Properties' eight-asset, 455,154 SF portfolio for $123.85 million. Six properties were transferred in July, with the remaining two properties closing yesterday. Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis' New York Tri-State Region Institutional Group represented Seaboard Properties in the sale and were also responsible for procuring the buyer, Antares Investment Partners. The Seaboard Properties Portfolio is comprised of eight office properties in the City of Stamford with 455,154 SF of space at 1-5 Stamford Landing, 600 Summer Street, Holly Pond Plaza, and One Dock Street, as well as a 70-slip marina located adjacent to Stamford Landing. The diverse portfolio enjoys strategic locations with proximity to many CBD amenities, including restaurants and retail destinations, excellent access to the Stamford Transportation Center and Interstate 95, and magnificent water views from Stamford Landing and Holly Pond Plaza. Jeff Dunne had the following comments on the sale: "The Properties' strategic waterfront and CBD locations, coupled with strong investor demand in Stamford, will continue to drive rental rate growth. Stamford rents have spiked over the last six months, which will provide Antares with upside as below market leases roll." The CB Richard Ellis New York Tri-State Region Institutional Group (the "Group") specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group closed in excess of $5.3 billion since 2005. Recent sales include 55 Railroad Avenue in Greenwich, CT ($142.5 million); Edgewater Commons in Edgewater, NJ ($134 million); Franklin Avenue Plaza in Garden City, NY ($98.7 million); State House Square in Hartford, CT ($97.8 million); the RVI Portfolio in Toledo, OH and Syracuse, NY ($87 million); the Baltimore CBD Portfolio in Baltimore, MD ($78.9 million); Dixon Mills Apartments in Jersey City, NJ ($78.5 million); 60 Charles Lindbergh Boulevard in Uniondale, NY ($62 million); Spring Valley Marketplace in Spring Valley, NY ($58.5 million); and 25 A&B Vreeland Road in Florham Park, NJ ($33.65 million). The Group also has a number of attractive investment opportunities currently on the market including: the Baker Properties Portfolio, a 2 million SF 26-property warehouse/flex portfolio in Morris Plains, NJ, Elmsford and Port Chester, NY, and Shelton, Milford and Orange, CT; 9W Office Center, a 215,279± SF office building in Fort Lee, NJ; Pelham Bay Professional Center, an 80,100 SF medical office and retail property in Bronx, NY; the Western Nassau Portfolio, a 241,282± SF eight-building portfolio in Garden City and Roslyn Heights, NY; One Old Country Road, a 315,750 SF± office building in Carle Place, NY; and Big V Town Centre, a 241,720± SF grocery-anchored retail center in Vails Gate, NY. About CB Richard Ellis:
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