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April 4, 2022 Real Estate

Pitney Bowes sells Shelton office building for $52.2M

Photo | COSTAR 27 and 35 Waterview Drive, Shelton
By Greg Bordonaro

Stamford-based Pitney Bowes, one of Connecticut’s largest employers, has sold its Shelton office property as part of a sales-leaseback deal.

The global shipping and mailing company inked a deal in February to sell its 300,000-square-foot Class A office building at 27 and 35 Waterview Drive for $52.2 million, land records show.

The buyer was BDP Holdings, a New Jersey-based real estate investment company. Pitney Bowes leases 100% of the property and will continue to do so, according to BDP Holdings.

As part of the deal, BDP took out a $31.35 million mortgage with New York City-based Ladder Capital Finance LLC, land records show.

“The location at Waterview Drive is 100 percent leased to Pitney Bowes and just a short commute from the company’s Stamford headquarters,” said Dennis Lim, principal of BDP Holdings.

In a statement, Pitney Bowes said it determined last year that “conditions were favorable for a sale leaseback of our Shelton property and we went to market negotiating with several potential buyers.”

The facility is Pitney Bowes’ largest operating center housing a mix of departments, the company said, including IT, human resources, finance, innovation and inside sales as well as multiple non-office operations such as assembly, virtual product demo, research and development labs, data center and warehousing.

“Although this transaction represents a change in ownership, Pitney Bowes will continue to operate the facility as it has in the past,” the company said in a statement.

The property, situated on 22.7 acres, consists of three stories of office space, with additional space utilized for assembly/warehousing and engineering.

The building also includes a full-service cafeteria, fitness center and scenic outdoor area.

Built in 1995, the property has also undergone many recent capital improvements, including a new roof and major office and lab renovations.

BDP said this is its fifth investment in the New York City metropolitan area. It has invested more than $6.5 billion in real estate across the U.S., the company said.

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