RBS Building In Stamford Sold

STAMFORD, CT — Rubenstein Partners, L.P. announced this week they have purchased the Royal Bank of Scotland's (RBS) 12-story downtown Stamford office building. The approximately 450,000-square-foot building is located at 600 Washington Boulevard and is based in downtown Stamford’s central business district.

The building was constructed in 2009 to serve as the U.S. headquarters of the Royal Bank of Scotland and is considered one of the highest quality office buildings in the Stamford market, according to a press release.

The property is partially leased to several companies, including UBS and Bank of America.

"We feel strongly that 600 Washington Boulevard offers an exceptional long-term investment opportunity," Robert Andrews, Regional Director with Rubenstein Partners, said in a release. "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."

Rubenstein Partners, L.P. is a Philadelphia vertically-integrated real estate investment adviser focused on office investments in the United States.

RBS will remain as a tenant of the building for the next 12 years, and Rubenstein Partners plans to convert underutilized areas within the building into additional office space.

"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," Paul Stevelman, Head of NatWest Markets U.S., said in a release. "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 U.S. dollar markets across currencies, rates and financing."

According to the Stamford Advocate, the property sold for $163 million, the city’s largest property sale this year.

Commercial real estate firm JLL represented NatWest Markets in the transaction.

"JLL is pleased to have represented NatWest Markets in this landmark transaction," JLL Managing Director Gil Ohls said in a release. "[Six Hundred] 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."