Ivy Equities Buys Building in Old Greenwich

OLD GREENWICH, CT-Ivy Equities of Clifton, N.J., has entered the Fairfield County office market with the purchase of 143 Sound Beach Ave., a 13,103 sf building that formerly occupied the headquarters of Allied Domecq Spirits & Wine, USA. No purchase price for the transaction was released.

The international spirits and retailing company that distributes such well known liquors as Courvoisier, Beefeater gin, Sauza tequila, Maker’s Mark bourbon, Canadian Club whiskey and Kahlua liquor was the seller of the building. Insignia/ESG represented the buyer and the seller in the deal.

Allied Domecq Spirits & Wine relocated its headquarters to 41,340 sf of space at 355 Riverside Ave., in Westport, CT last year. It has since opened a small sales office at 565 Taxter Road in Elmsford, NY. Insignia/ESG also brokered both deals.

The 143 Beach Ave. property is totally vacant in a very tight office market. In Greenwich, the current availability rate is only 6.4% and Fairfield County’s stands at just eight percent. Insignia/ESG will serve as the leasing agent for the Beach Avenue building.

Ivy Equities is a relative newcomer to the local market. The firm in the last two years has spent its time in Westchester County where it has acquired: 399 Knollwood Road, 2975 Westchester Ave., 244 Westchester Ave., in White Plains and 411 Theodore Fremd Ave., in Rye, NY.