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Updated: July 3, 2024 Deal Watch

High-vacancy downtown Stamford office building sells for $7M; prominent developer eyes luxury hotel conversion

COSTAR The office building at 300 Main St., Stamford.

A downtown Stamford office building with a high vacancy rate was recently purchased by a high-profile local development firm that plans to convert the property into a luxury hotel, according to its website.

The 101,143-square-foot office building at 300 Main St., sold for a second time in five years in May for $7 million, land records show. The buyer was Stamford-based F. D. Rich Company, a major urban developer that has built a number of multifamily projects in its home city and elsewhere. 

According to its website, F. D. Rich said it recently acquired the commercial property, with an attached 147-space garage, for a “planned adaptive reuse project” that will be “a combination of historic preservation, including of the exterior and grand double height bank lobby, and a full interior (conversion) of office spaces into 149 luxury hotel rooms.” 

“The future hotel will highlight the historic features of this property while providing the most in-demand hotel amenities, including (a) proposed rooftop pool,” the development firm said on its website, adding it anticipates the project will be completed in the summer of 2027.

F. D. Rich did not return a call from HBJ seeking comment. 

The eight-story building was being marketed for sale by commercial real estate services firm Newmark as a potential office-to-residential conversion, according to marketing materials, which indicated only 18% of the office space is leased. 

The seller was Stamford-based real estate investment firm Twenty Lake Holdings, which originally bought the property in 2019 for about $8.3 million, property records show. 

F. D. Rich has been active in recent years, selling off some key assets and proposing a large-scale 198-unit, 13-story apartment development in Stamford, on Broad Street.

F. D. Rich gained approval last year to build this 198-unit luxury apartment complex, to be known as the Broad Street Apartments, at 122-136 Broad St., in downtown Stamford.

In 2021 and 2022, the company sold for $175 million three multifamily properties — Summer House Stamford in Stamford, and Harbourside SoNo and SONO Pearl, both in Norwalk — containing a combined 422 units. 

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