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GREENWICH, CT-Even though it is not situated in the highly sought after downtown district, the 20,500-sf 67 Holly Hill Lane office building still sold at the lofty price of nearly $200 a sf.

Insignia/ESG reports that the building, which is fully leased, was sold recently by Holly Hill Lane Associates to a group of Fairfield County-based investors operating under the name Hattco Holly Hill LLC. The sales price on the building was approximately $3.9 million.

Steven Bardsley, Steven Greenbush and Michael Siegel of Insignia/ESG represented the seller in the transaction. Bardsley, a managing director with Insignia/ESG, notes that the deal was a unique investment opportunity for a non-institutional owner that was looking to own an office building in the Greenwich market.

“I think that this particular building is well located and has significant covered parking, which was attractive,” Bardsley says. “Another up side in the transaction was that the existing rent roll is slightly below market.” He continues that covered parking facilities are highly sought after in the Greenwich area and the 67 Holly Hill Lane property features approximately 50 covered spaces along with another 30 uncovered spaces.

The building, which opened in 1983, includes such tenants as Greenwich Ultrasound, JJI Lighting, Brown Paper, Edgewood Travel and Congdon & Co. It is situated just off Post Road and approximately a half-mile from the New York State border.

Insignia/ESG officials relate that the interest generated in the sale of the building “was also a testament to not only the quality of the property, but also the continuing strength of the Greenwich real estate market, even in locations outside of the central business district.”

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