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NEW HAVEN-Rose Smart Growth Investment Fund I, LP and Hurley 45-55 Church Street, LLC–an affiliate of the Hurley Group–formed a joint venture to purchase 45-55 Church St. here. The 130,000-square-foot office complex was acquired from ECP Church, LLC for $8 million by the JV.

The JV plans to upgrade and reposition the building seeking certification with the US Green Building Council’s Leadership in Energy Efficient Design (LEED-EB). The goal is to improve the environmental efficiency and impact of the building.

“Existing buildings make up over 99% of the office inventory nationwide,” says Dara Kovel, regional director for Jonathan Rose, in a statement. “greening them is an integral part of providing a healthier and more energy-efficient workplace and has become an attractive tool in marketing to new tenants.”

The JV will inspect the insulation, mechanical and electrical systems effectiveness and interior air quality, Kovel tells GlobeSt.com. The building has fixed windows as the building was constructed in the 1970s, she explains, but the goal will be to find ways of improving natural ventilation, as well as retrofitting bathrooms for water conservation.

The property consists of two buildings–45 and 55 Church St.–which are, respectively, eight-stories and three-stories. The 55 Church building has 105,522-square-feet, while the Greek revival style bank building at 44 Church hold 24,126 square feet. The buildings at the time of sale were 70% leased. A 76-space parking lot is adjacent to the buildings.

The financing was made available by JP Morgan with a new market tax credit, which assisted in giving the joint venture a subsidized interest rate. Steven Inglese and Rob Montesi of the New Haven Group, Inc. were the exclusive brokers in this deal.

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