BDP Holdings Buys Office Building Near NYC Leased to Pitney Bowes
BDP Holdings, a New Jersey-based real estate investment company, announced today the acquisition of 27 and 35 Waterview Drive, a Class A, 310,000-square-foot office building in Fairfield County, Connecticut.
BDP Holdings, a New Jersey-based real estate investment company and private placement sponsor, has purchased 27 and 35 Waterview Drive, a Class A, 310,000-square-foot office building in Fairfield County, Connecticut, part of the New York City Metropolitan Area. The purchase price was not disclosed by the company.
“The location at Waterview Drive is 100 percent leased to Pitney Bowes and just a short commute from the company’s headquarters [in Stamford, Connecticut],” said Dennis Lim, principal. “Pitney Bowes is a well-established industry leader with a long track record of success whose revenues have only continued to grow over the last 24 months.”
Built in 1995, the property sits on 22.7 acres of land with access to several major roadways, as well as mass transit to Boston, New York City and Washington, D.C.
The property consists of three stories of office space, with additional space utilized for assembly/warehousing and engineering, as well as a full-service cafeteria, fitness center, and outdoor area. Recent capital improvements include a new roof, and office and lab renovations throughout.
Pitney Bowes is a provider of e-commerce, shipping and mailing services across various market segments, and the property serves as an operations center for all business lines with “the largest concentration of Pitney Bowes employees in the world,” the company said.
In addition to Pitney Bowes, Fairfield County is home to 19 Fortune 1000 companies, including Indeed.com, UBS, WWE, Financial Charter Communications, and others.
This is BDP Holdings’ fifth investment in the New York City Metropolitan Area.
BDP Holdings specializes in the acquisition, development and repositioning of real estate in the New York tri-state area and across the U.S. The company focuses on properties in markets with high barriers to entry and then seeks to add value through the repositioning of existing properties or the development of new properties and communities. BDP’s leadership has invested more than $6.5 billion in “value-driven” real estate across the U.S.
