The hedge fund is leasing the entire second floor of thefour-story building and is expected to take occupancy in Jan. 2009.The Greenwich Atrium is owned by a venture partnership of Core PlusProperties LLC of Stamford, CT and Angelo, Gordon & Co. of NewYork City. Newmark Knight Frank managing principal John Goodkindand associate Paul Gojkovich III, represented ownership in thetransaction. Newmark Knight Frank is the exclusive leasing agentand property manager for the Greenwich Atrium building. BernardWeitzman and Steven Greenbush of CB Richard Ellis representedWexford Capital.

Goodkind says that a $2-million capital improvement programundertaken by the ownership after it acquired the property in late2006 was critical in attracting Wexford to the property. "Withoutthe renovations, it's a $35 a sf building," he says. While no leaseterms were released on the Wexford Capital transaction, Goodkindsays that the ownership will be "re-pricing" the property and willbe looking to secure rents in the high $50s to low $60s range. Hesays that long-standing tenants are paying in the mid $30s per sf,as compared to other properties in western Greenwich that arefetching $50 or more per sf. Goodkind says a number of leases willbe rolling over soon. Businesses in Central Greenwich, including ahost of hedge funds and financial services firms, less than a mileaway, are paying anywhere from $95 to $145 a sf.

"Making the decision to reposition the Greenwich Atrium reflectsa great deal of foresight on the part of the Core Plus/AngeloGordon venture," says Goodkind. "And that vision has already paidoff, with their asset now reaping the benefits of being atop-of-the-line product in a tight space market." The CorePlus/Angelo Gordon partnership acquired the building in Nov. 2006in a deal worth a reported $38 million.