Charter sells former Stamford HQ for $72M

STAMFORD — Charter Communications, the Fortune 500 company that provides Spectrum-branded services, has sold its former downtown headquarters for $72 million — a deal that ranks among the largest property sales of the past year in Connecticut.

The sale of 400 Atlantic St., follows Charter’s $100 million acquisition of the approximately 500,000square-foot property in late 2020 and its opening last year of a new headquarters a few blocks away at 400 Washington Blvd. The transaction was confirmed in property-transfer records received this week by the Stamford Town Clerk’s Office.

“Charter’s purchase of 400 Atlantic proved to be a sound strategic and financial move for the company as it provided owner/ occupant cost savings and increased flexibility while we planned for and transitioned employees to our new facility,” Charter said in a statement. “We wish the buyer well with the property and are pleased to now have our more than 1,600 Stamford-based employees working together at our new corporate headquarters.”

SLJ Atlantic Stamford LLC and 400 Atlantic Joint Venture LLC are the buyers, according to the property records. SLJ Atlantic’s and 400 Atlantic’s listed addresses — in Beverly Hills, Calif., and Manhattan, respectively — are the same as those of the main offices of commercial real estate firms AVG Partners and George Comfort & Sons.

AVG Partners and George Comfort & Sons also comprise the ownership and management of the office complex at 677 Washington Blvd. That property stands a couple of blocks from 400 Atlantic and has recruited a number of major tenants in recent years such as Philip Morris International, KPMG and WWE.

George Comfort & Sons declined to comment on 400 Atlantic, while a message left for AVG Partners was not immediately returned. The sale of 400 Atlantic produced $358,500 in local conveyance taxes. No state conveyance tax was levied on the transaction.

Among other major commercial real estate deals in recent months in southwestern Connecticut, the office complex at 200 Elm St.-695 E. Main St., in downtown Stamford, sold late last year for $235 million. Last month, alternative-assets manager Apollo Global Management confirmed it was buying the office property at 100 W. Putnam Ave., in downtown Greenwich, for approximately $200 million.

From 400 Atlantic to 400 Washington

Following the opening last year of its new headquarters at 400 Washington, Charter continued to occupy a few floors at 400 Atlantic. But all of its remaining employees at 400 Atlantic have since transferred to the new offices.

Before opening the new headquarters, Charter had reached a peak occupancy of nine full floors and parts of two other levels at 400 Atlantic. It started in the building in 2012 with a sublease across two floors, after relocating its main offices from St. Louis, Mo.

In the wake of Charter vacating its old offices, 400 Atlantic has large amounts of available space. Norwalkbased commercial real estate brokerage Choyce Peterson Inc., is listing 19,000 square feet to 38,000 square feet of subleased space on the 11th floor.

Remaining tenants at 400 Atlantic include audioelectronics company Harman International, which is headquartered there.

“The new ownership of 400 Atlantic is a proven owner in this market — particularly with the extensive renovations they’ve completed at 677 Washington Blvd.,” John Hannigan, co-founder and principal of Choyce Peterson, said in an interview. “400 Atlantic is in a terrific location, as it’s within a few blocks of I-95 and the downtown Stamford train station. It also has an abundance of amenities, including a cafeteria, fitness center and covered parking. In addition, it has great views of Long Island Sound.”

The 15-story building was constructed in the early 1980s as the headquarters for paper company Champion International. In the early 2000s, it served the same purpose for International Paper after its acquisition of Champion. In 2005, IP announced that it would move its headquarters to Memphis, Tenn.

After about 10 years at 400 Atlantic, Charter is now based in one of the largest office complexes built in the past generation in Connecticut. Located next to the downtown train station, the new headquarters stands out with its glass-sheathed 14-story and nine-story buildings.

The Spectrum provider represents the largest company headquartered in southwestern Connecticut, ranking No. 64 on last year’s Fortune 500 list.

Hearst Connecticut Media file photo Charter Communications, the provider of Spectrum-branded services, has sold its former headquarters building at 400 Atlantic St. in downtown Stamford for $72 million.