GREENWICH, CT—Marking the largest office sale here in the last five years, Clarion Partners has sold Greenwich Office Park for $130 million, or $342 per square foot. Clarion did the transaction on behalf of a separate account client managed by the firm.
Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE's Institutional Properties—in collaboration with David Block—represented Clarion. The brokerage firm's team also was responsible for procuring the buyer, Fareri Associates.
The 380,561-square-foot Greenwich Office Park boasts eight buildings. The Class A office park is renovated, highly amenitized, and 83% leased in what is considered a high demographic and extremely supply-constrained city. The property's location is just a few minutes from Greenwich Avenue, providing tenants with high-end retail destinations and numerous restaurants.
Greenwich Office Park reportedly provides an easy commute to much of the area. It sits approximately one mile to the Greenwich train station, from which the trip to Manhattan reportedly takes 42 minutes, and equidistant between exit 2 & 3 of Interstate 95.
“The tightening Greenwich market, where there has been no significant new office construction in nearly three decades, along with the extensive capital improvements program recently completed by the seller bodes well for Fareri Associates' investment at Greenwich Office Park,” says Dunne.
CBRE Institutional Properties has several investment opportunities on the market, including 500 Plaza Dr., a 462,000-square-foot property that serves as the world headquarters for The Children's Place and Quest Diagnostics within a mixed-use environment, and is 99% leased; 225 High Ridge Rd., a 244,104-square-foot, RXR Realty-owned, trophy quality value-add office property in Stamford, CT; and 3135 Easton Turnpike, the 66.8 acre former headquarters of General Electric, in affluent Fairfield, CT, which offers two class A office buildings totaling about 495,456 square feet, a 28 room full service guest house, secure gated access, and a helicopter landing pad.
GREENWICH, CT—Marking the largest office sale here in the last five years, Clarion Partners has sold Greenwich Office Park for $130 million, or $342 per square foot. Clarion did the transaction on behalf of a separate account client managed by the firm.
Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE's Institutional Properties—in collaboration with David Block—represented Clarion. The brokerage firm's team also was responsible for procuring the buyer, Fareri Associates.
The 380,561-square-foot Greenwich Office Park boasts eight buildings. The Class A office park is renovated, highly amenitized, and 83% leased in what is considered a high demographic and extremely supply-constrained city. The property's location is just a few minutes from Greenwich Avenue, providing tenants with high-end retail destinations and numerous restaurants.
Greenwich Office Park reportedly provides an easy commute to much of the area. It sits approximately one mile to the Greenwich train station, from which the trip to Manhattan reportedly takes 42 minutes, and equidistant between exit 2 & 3 of Interstate 95.
“The tightening Greenwich market, where there has been no significant new office construction in nearly three decades, along with the extensive capital improvements program recently completed by the seller bodes well for Fareri Associates' investment at Greenwich Office Park,” says Dunne.
CBRE Institutional Properties has several investment opportunities on the market, including 500 Plaza Dr., a 462,000-square-foot property that serves as the world headquarters for The Children's Place and
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