Andrew Greenspan, a principal of GHP Office Realty says that the firm has closed on the purchase of 38-C Grove St., in downtown Ridgefield, a 25,000-sf, fully-leased, office building. He reports that the building's anchor tenant, TMP Worldwide, has renewed and expanded its lease commitment at the 38-C Grove St., building to a 10,500-sf long-term deal.

Greenspan refused to divulge the purchase price for the property that was owned by a local partnership. Representing the seller was HK Group President Matthew Keefe. GHP Office Realty represented itself in the building sale deal. Financing for the deal was provided by City and Suburban Savings & Loan, which was represented by Charles Persico Jr.

Newmark and Company Real Estate's Vice Chairman Arthur Lerner represented TMP Worldwide, which uses the Ridgefield property for executive offices and sales staff. TMP Worldwide is a major executive search company and owner of monstermoving.com, an on-line recruitment portal. The firm is headquartered in New York City.

Commenting on the deal, Greenspan notes, "38-C Grove Street provides us the opportunity to continue to acquire multi-tenanted properties in prime suburban locations at significantly below replacement cost." Greenspan reveals that GHP Office Realty, which currently has a portfolio of approximately one million sf in suburban New York, New Jersey and Connecticut, has several other deals in the pipeline.

"We have another building under contract, a 60,000 sf office building in Fairfield County," he says. In addition, the firm is also under contract to acquire a 65,000 sf building in White Plains. He did not reveal the specific properties under contract, but said that both deals are expected to close by this summer.

Instant Insights /

GHP Buys Grove Street Building, Will Buy Another Two

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