Greenwich Office Building Sells for Nearly $7M

GREENWICH, CT–Indicative of the tremendous demand for commercial office properties here, brokers for 67 Holly Hill Lane took less than a month to find a buyer. Greenwich Investment Group Inc. picked up the 20,550-sf building for $6.9 million. The seller was Hattco Holly Hill LLC.

CB Richard Ellis first vice president Al Mirin says the property attracted significant investor interest. “There has been tremendous demand for quality office properties for sale in Greenwich over the past few years,” he notes. “In the first two weeks of marketing 67 Holly Hill Lane, we received multiple offers for the property and went to contract in less than three weeks.”

Mirin, who represented the seller says that Greenwich Investment Group bested two other serious bidders for the property. Jay Hruska of Cushman & Wakefield represented Greenwich Investment Group.

Early bidding activity pushed the sale price to $6.9 million, close to the $6.95-million listing price, which prompted Hattco Holly Hill to pull the trigger on the sales deal with Greenwich Investment Group. The property is currently 70% leased. Among the building’s major tenants are Brown Paper and JJI Lighting. There is approximately 6,200 sf of space available at the building, CB Richard Ellis officials say. Hattco Holly Hill acquired 67 Holly Hill Lane in 2001 for $3.9 million in a deal brokered by CBRE.