CB Richard Ellis, which brokered the transaction, says the 82,303-sf building at One East Weaver St. was sold by Tohgc LLC to the Omnicom Group, which is a tenant at the property. Jeffrey R. Dunne, vice chairman of CBRE's New York Tri-State Investment Team, and partner James R. Tully represented the seller in the transaction and also procured the buyer.
Omnicom, a global marketing and corporate communications company, leases 26,153 sf of space at the complex, which was built in 1987. Other tenants at the fully-occupied building are: Blythe Industries, which leases 29,445 sf; JWM Partners, which has a 15,902-sf office and RBC Dominion Securities, which has 10,803 sf of leased space. Dunne says the transaction involved cash and the assumption of an existing mortgage of approximately $17 million.
"As expected, we had strong investor interest in the class A property," Dunne says. "The unique aspect of this sale was the interest in the property shown by multiple existing tenants. This speaks to the quality of the asset and the desirability of the location."
He adds, "The pricing achieved on this sale, even with above market debt, shows that investors have placed a special premium not only on the Greenwich CBD near the train, but the entire Greenwich market."
Dunne relates that the $388.81 per sf price is a new high in the Western Greenwich office market, where office rents are averaging in the low to mid $40 per sf range.
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