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GREENWICH, CT-The ownership of the Greenwich Atrium office building here has convinced locally based hedge fund Wexford Capital LLC to move down the road from its current headquarters at 411 West Putnam Ave. to 30,186 sf at the 101,000-sf property at 75 Holly Hill Ln.

The hedge fund is leasing the entire second floor of the four-story building and is expected to take occupancy in Jan. 2009. The Greenwich Atrium is owned by a venture partnership of Core Plus Properties LLC of Stamford, CT and Angelo, Gordon & Co. of New York City. Newmark Knight Frank managing principal John Goodkind and associate Paul Gojkovich III, represented ownership in the transaction. Newmark Knight Frank is the exclusive leasing agent and property manager for the Greenwich Atrium building. Bernard Weitzman and Steven Greenbush of CB Richard Ellis represented Wexford Capital.

Goodkind says that a $2-million capital improvement program undertaken by the ownership after it acquired the property in late 2006 was critical in attracting Wexford to the property. “Without the renovations, it’s a $35 a sf building,” he says. While no lease terms were released on the Wexford Capital transaction, Goodkind says that the ownership will be “re-pricing” the property and will be looking to secure rents in the high $50s to low $60s range. He says that long-standing tenants are paying in the mid $30s per sf, as compared to other properties in western Greenwich that are fetching $50 or more per sf. Goodkind says a number of leases will be rolling over soon. Businesses in Central Greenwich, including a host of hedge funds and financial services firms, less than a mile away, are paying anywhere from $95 to $145 a sf.

“Making the decision to reposition the Greenwich Atrium reflects a great deal of foresight on the part of the Core Plus/Angelo Gordon venture,” says Goodkind. “And that vision has already paid off, with their asset now reaping the benefits of being a top-of-the-line product in a tight space market.” The Core Plus/Angelo Gordon partnership acquired the building in Nov. 2006 in a deal worth a reported $38 million.

Part of the repositioning program includes a new atrium lobby that features a concierge/security area, and lobby seating areas. Other completed facets of the program are upgrades to all bathrooms, common corridors and elevator cabs. Now underway are improvements to the building’s entrance, including new exterior signage, pavers, and planters, and the property’s landscaping as well.

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