Best-In-Class Office Asset and U.S. Headquarters of NatWest Markets (formerly RBS, Corporate & Institutional Banking) Purchased by Affiliate of Vertically-Integrated Investment Adviser
June 5, 2019 – Stamford, CT – Rubenstein Partners, L.P. (including its affiliates, “Rubenstein Partners”), a vertically-integrated real estate investment adviser focused on office investments in the United States, has purchased 600 Washington Boulevard, a 12-story, approximately 450,000-square-foot office building in Stamford CT.
Constructed in 2009 to serve as the U.S. headquarters of the Royal Bank of Scotland, 600 Washington Boulevard is considered a trophy property and one of the highest quality office buildings in the Stamford market. The well-located property is based in downtown Stamford’s central business district and is approximately 85% leased to several high-quality companies including NatWest Markets (formerly RBS, Corporate & Institutional Banking), UBS, and Bank of America. Rubenstein Partners plans to convert underutilized areas within the building into additional high-quality office space.
“We feel strongly that 600 Washington Boulevard offers an exceptional long-term investment opportunity,” said Robert Andrews, Regional Director with Rubenstein Partners. “This is an incredibly well-located office building with superior infrastructure and a high-quality tenant roster. We were able to leverage our familiarity with the market to secure and finalize the acquisition. Based on recent activity, Rubenstein Partners is also confident that Stamford is poised to strengthen in the coming years and we are pleased to add one of the premier office assets within the market to our growing portfolio.”
Paul Stevelman, Head of US, NatWest Markets, adds, “We are pleased to have sold 600 Washington Boulevard to Rubenstein Partners and look forward to working with their team and continuing to be a proud and valuable member of the Stamford community. Our 12-year lease term demonstrates our commitment to Stamford and we believe that remaining in this building best serves our employees and our clients. Our NatWest Markets US sales and trading operations that are based here, remain a core part of our business, providing our clients with access to the US dollar markets across currencies, rates and financing.”
“JLL is pleased to have represented NatWest Markets in this landmark transaction,” adds Gil Ohls, Managing Director at Jones Lang LaSalle. “600 Washington Boulevard is unmatched in its tenancy and in the quality of its infrastructure, and we are pleased to have helped strengthen the position of this asset, and the marketplace as a whole, through the lease-up and sale of the property. The credit tenancy, and the strong interest in the asset both during leasing and in the sale process, is a testament to the momentum in the Stamford market and to the viability of transit-oriented assets. We look forward to continuing our leasing success at 600 Washington Boulevard with the team at Rubenstein Partners, an experienced, institutional quality landlord that will continue to advance the building’s position as the premier office property in the Stamford market.”
600 Washington Boulevard features 14’ slab heights, floor to ceiling windows, a one-acre outdoor terrace, many fully redundant building systems, overbuilt infrastructure and a 1,200-space parking garage. It also offers excellent accessibility located one block from the train station and directly off I-95. The property is just 50-minutes from New York City via the Metro-North rail line and three hours to Boston and four hours to Washington D.C. via Amtrak.