X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GREENWICH, CT-Saying it has achieved the milestone a full year ahead of schedule, Antares Investment Partners reports the former US Tobacco headquarters here is leased up. Antares, which has said it will put a total of $30 million in capital improvements to the four-story, 154,000-sf building, acquired the property in February 2007 for $130 million.

While the firm refused to divulge its latest lease signing, previously Strategic Value Partners inked a deal for 40,000 sf at 100 West Putnam Ave. and Plainfield Asset Management reportedly agreed to lease approximately 60,000 sf at the property.

“100 West Putnam, acquired just 12 months ago at well below replacement cost, will produce the highest cash flows per foot of any commercial office building in the United States,” Antares managing partner Joseph Beninati says. He adds that Antares has put in place long-term debt with low and stable rates. The nearly $16 million of property cash flow will produce approximately two times the annual interest cost at 100 West Putnam, he says.

The property is being completely redeveloped with a four-story glass atrium and lobby designed by architects Perkins Eastman, explains John Wheeler, president of the Antares investments and services division. He adds that the capital improvements completed thus far are ahead of schedule.

“I grew up working at this property during summer jobs, and to see its rebirth as the most architecturally distinctive and sought-after office building in town is really a testament to how attractive Greenwich has become as a place to both live and work,” notes Antares co-founder and long-time Greenwich resident James Cabrera.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.