Knighthead Funding Lends $52M on Stamford Office Acquisition

Knighthead Funding just sealed a $51.8 million acquisition loan for investment company HB Nitkin’s purchase of Metro Center in Stamford, Conn., Commercial Observer has learned.

The previous owner was Empire State Realty Trust, which sold the asset to Greenwich, Conn.-based HB Nitkin for around $70 million, sources familiar with the trade said.  

The new owner plans to lease up vacant space at the Class A office building, according to a press announcement. Adding to the $12 million in capital improvements recently completed at the property, HB Nitkin also plans to undertake further tenant experience-focused upgrades, including a makeover of the building’s common areas. 

Located at 1 Station Place, opposite the Stamford Transportation Center that has an express commuter rail line to Grand Central Terminal, Metro Center is eight stories and spans 281,928 square feet. Its amenities include a fitness center, a conference center, a lounge with a golf simulator and the Metro Grille restaurant. 

Current tenants at the building include Jefferies Group, Palladium Group and HIG Capital. 

“HB Nitkin’s acquisition of Metro Center underscores the current investor confidence in quality suburban office product, and we have conviction this property will remain a premier destination for Stamford businesses,” Jonathan Daniel, a principal of Knighthead, said. “We continue to identify attractive lending opportunities with experienced sponsors, and this latest transaction demonstrates Knighthead’s understanding of our borrowers’ needs and ability to deliver customized financing solutions with a certainty of execution.”

Newmark’s Chris Kramer, Jordan Roeschlaub, Nick Scribani, Daniel Fromm and Ricky Braha negotiated the debt. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.