Greenwich Office Park Portfolio Sells for $130M

Fareri Associates  has agreed to buy the eight-building Greenwich Office Park in Greenwich, CT from Clarion Partners for $130,000,000. The properties located at 1-9 Greenwich Office Park were 83% leased at the time of sale, with a mix of medical, financial, and professional tenants spanning several industries. When the complex was built in the 1970’s, the vision was to blend a dynamic business environment with a natural, tranquil setting. The intensive landscaping, fresh water ponds, and strong institutional ownership make the properties not only a valuable portfolio asset, but an attractive place to work as well.

The expansive office campus occupies over 21 acres of land and consists of 380,561 square foot class A office space. The site has many added amenities that complement the business park, including an on-site fitness center, full-service cafe, conference room, and over 500 covered parking spaces. In addition to these features, convenience and accessibility to the property is made easy by a direct shuttle service to the Greenwich train station and a short travel distance to the CT-NY linkage of Interstate-95.

At approximately $344 per square foot, the deal marks the largest office sale in Greenwich in the past five years. NGKF Capital Markets, serving as the exclusive adviser to Fareri Associates, has secured $97.5M in debt financing to secure the property’s acquisition. The loan is a structured as a five year, fixed-rate loan with a full-term interest-only component to facilitate the purchase.

Source(s): CoStar