Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.