Willrich Holdings, a joint venture of the Willett Cos. LLC ofRye, NY and Warren & Partners of Dublin, purchased theproperty. The seller, National Office Partners LP, is a partnershipbetween Hines and CalPERS. Jeffrey R. Dunne, vice chairman, andSteven P. Bardsley of CB Richard Ellis' tri-state investment teamrepresented the seller and procured the buyer.
CBRE officials say that the deal is valued at $743 per sf, a newhigh-water mark for an office here. They add that the high pricepaid for 55 Railroad Ave. is a "testament to both the quality andlocation of the property, the long-term, stable income streamderived from a stellar rent roll and investors' insatiable appetitefor office property in the supply-constrained Greenwich market."The previous office property sales record in Greenwich was setseveral years ago when Broadway Partners purchased Pickwick Plazain a deal estimated at about $483 per sf.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
