Jeffrey Dunne, Steven Bardsley, Travis Langer and Daniel Blumenkrantz of CBRE’s Institutional Properties represented the seller in the sale of 39 Lewis Street, a
91% leased mixed use CBD property in Greenwich, CT, for $9.3 million ($545 PSF) and 23 Old Kings Highway, an 86% leased boutique office building in Darien, CT, for $4.3 million. CBRE also procured separate buyers for each property.
The 17,081 sq. ft. Lewis Street building is located less than one block from prestigious Greenwich Avenue, offering an abundance of amenities including upscale dining and world-renowned retail. The building provides stable cash flow with office tenants on the upper floors and ground floor retail. The Greenwich CBD has benefited from an increased demand in office tenants, lowering the vacancy to under 10% with rents increasing to over $100 per sq. ft along Greenwich Ave.
The 25,713 sq. ft. 23 Old Kings Highway is a train-centric property, located adjacent to the new Corbin District. With in-place rents being $15+ PSF below market, the building offers significant upside on lease roll. Its optimal regional accessibility via I-95 and walking distance to the Darien train station, coupled with numerous immediate restaurant and retail options, provides a tenant-friendly destination.
Mr. Dunne commented, “39 Lewis provides a robust in-place NOI in the strongest CBD market in the United States. 23 Old Kings Highway’s below-market rents and location in the redeveloping Corbin District provides an optimal environment for the buyer to grow income in the future.”
Mr. Bardsley added, “These transactions are a testament to Greenwich and Darien as being extremely desirable business destinations for discerning companies, which demand high quality office space within development-restricted markets.”
CBRE Institutional Properties Group is marketing several attractive investment opportunities including: 181 Harbor Dr, a 91,040 sq. ft. single tenant office building leased to Vineyard Vines for their headquarters in Stamford, CT; 777 Commerce Drive, a 62,660 sq. ft. 100% leased office building in Fairfield, CT; 55 Post Road West, a 38,353 sq. ft. boutique office building located in downtown Westport, CT; and Harborside 5, a 983,041 sq. ft .value-add office building in Jersey City, NJ.