STAMFORD, CT—The Royal Bank of Scotland has sold its 12-story 450,000-square-foot office building here to an affiliate of Philadelphia-based Rubenstein Partners, L.P.

 Constructed in 2009 to serve as the U.S. headquarters of the Royal Bank of Scotland, the Class A trophy office building in downtown Stamford is currently approximately 85% leased. The building’s tenants include NatWest Markets (formerly RBS, Corporate & Institutional Banking), UBS and Bank of America.

Rubenstein Partners states that it plans to convert underutilized areas within the building into additional high-quality office space.

The property traded for approximately $163 million, according to a report in the Stamford Advocate. JLL represented NatWest Markets in the transaction.

“We feel strongly that 600 Washington Boulevard offers an exceptional long-term investment opportunity,” says 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.”

He adds that based on recent activity, Rubenstein Partners is 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.”

He notes that the firm’s 12-year lease term at the property demonstrates its commitment to Stamford. “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,” Stevelman says.

600 Washington Blvd. 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 is located one block from the Stamford Metro North train station and is directly off I-95. The property is 50-minutes from New York City via the Metro-North rail line and three hours to Boston and four hours to Washington, DC via Amtrak.