Willett is a property investment vehicle controlled by Frank Kenny and Bruce Beswick. CB Richard Ellis' vice chairman Jeffrey R. Dunne and first vice president Steven P. Bardsley represented the seller and procured the buyer.
"This is the second highest number [sales price per sf] ever in Westchester County to my knowledge," Dunne says. The highest price per sf was reached this past October when W&M Properties sold 711 Westchester Ave. in White Plains to Reckson Associates Realty Corp. for about $210 per sf in another CB Richard Ellis-brokered transaction.
Dunne says that there were about 25 offers for 411 Theodore Fremd Ave., which is currently 98% leased. Major tenants at the property include New York Life, which leases 24,485 sf, Lake Group Media, which maintains an 18,013-sf office, and HQ Global Workplaces, which has 16,747 sf. Five years ago Ivy Equities purchased the site as part of a package that also included 2975 Westchester Ave. in Harrison and 244 Westchester Ave. in White Plains for $33.4 million.
Willett's office holdings include 55 Railroad Ave. in Greenwich, CT. In December 2004, Willrich Holdings, LLC, a joint venture of Willett and Warren & Partners of Dublin, purchased the 131,630-sf office building for $97.75 million or approximately $743 per sf. That sale price per sf is still the high-water mark for office properties in Fairfield County.
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