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Silverback Development Acquires Three-Building Office Complex in Downtown Stamford for $12.5M

Purchase Marks Company’s First Entrance Into a Market Outside of NYC

Silverback Development today announced the $12.5-million acquisition of a three-building, 92,000-square-foot office complex in the heart of Stamford, Connecticut. The 2.75-acre complex, which is situated on one of the largest land parcels in downtown Stamford, is located at 777 Summer Street, 773 Summer Street, 612 Bedford Street adjacent to the city’s retail hub, flourishing restaurant row and judicial district.

A forward-thinking real estate developer, owner and investor that applies a pioneering approach to the creation of architecturally distinct properties, Silverback was founded earlier this year on the heels of an initial $50-million capital investment.

The acquisition site marks the company’s first entrance into a market outside of New York City. The current tenant roster at the three properties features an impressive list of companies that includes Bankwell Financial Group, Wells Fargo, Edward D. Jones, The First Bank of Greenwich and several major law firms.

“As a growing number of people seek to live and work in transit-oriented locales, Stamford has become one of the hottest markets in the Tri-State Area,” said Josh Schuster, founder and managing principal of Silverback Development. “We’re extremely excited to add these properties to our rapidly expanding portfolio. The location within the city’s vibrant downtown and the proximity to Manhattan provide unmatched potential for successful investment.”

Founded by next-generation industry leader Josh Schuster, Silverback is strongly positioned to swiftly execute high-quality deals and partnerships. The company leverages its professionals’ cumulative experience and deep understanding of market trends as it tactically pursues development and investment opportunities in select urban markets throughout the country.

Silverback employs a robust investment strategy that includes offering special solutions to existing developers, and pursuing ground-up development and adaptive reuse opportunities coast-to-coast. The firm is both disciplined in its investment approach, and nimble in its ability to act quickly to capitalize on attractive development and joint-venture partnership opportunities.

Schuster, who has a proven track record of successfully delivering high-profile projects, has sourced and led the development of several noteworthy Manhattan luxury residential developments with combined value of more than $650 million, including notable projects like 50 Clinton Street, 535 West 43rd Street, 12 East 13th Street and 75 Kenmare Street. Over the course of 32-year-old Schuster’s real estate career he has spearheaded nearly $1 Billion in successful real estate projects.

About Silverback Development

Silverback Development is a tactical and forward-thinking real estate developer, owner and investor, employing a pioneering approach to the creation of architecturally distinct properties that enrich the landscape of urban markets. Founded by next-generation industry leader Josh Schuster, the company is bolstered by an initial $50-million investment that allows for the swift execution of high-quality deals and partnerships. For more information, visit www.slvrb.com.

Posted in General Business