November 29, 2023 2:30 PM
Newmark secures a 4,824 square-foot lease expansion for Marc Fisher Footwear at Shelbourne’s 777 West Putnam Avenue. The expansion adds to the brand’s 62,077-square-foot space at the property, bringing it to nearly 70,000 SF. Newmark Executive Vice President and Managing Director James Ritman and Managing Director Ben Goldstein advised ownership in the transaction.
Fisher Footwear is a leading full-service, product-driven fashion footwear company known for its timeless, beautiful products. The firm recently partnered with Hunter Boots, and the lease expansion was completed to accommodate its growing business.
“The recent expansion by Fisher Footwear is a testament to the property’s appeal, especially given its recent and well-received renovation,” said Goldstein.
Since acquiring the asset last year, Shelbourne Global Solutions has significantly upgraded the 134,000-square-foot building to include a new lobby, common areas, elevators, parking areas and amenity space. The work on the property has generated enthusiasm among the office leasing community, evidenced by the two expansions and tenant relocation from New York City facilitated by Newmark since taking over the office leasing in 2022.
“We are pleased to see Fisher Footwear expand its footprint at 777 West Putnam Avenue,” said a spokesperson at Shelbourne. “This latest expansion demonstrates the desirability of our property and highlights our commitment to foster an environment that supports the growth and success of our tenants.”
According to Newmark Research, as of Q3 2023, the national vacancy rate for class A office space was 19%, while Greenwich’s checked in at 7.7%, further cementing the market’s reputation as one of the most desirable office markets in America. While macroeconomic issues such as higher rates and inflations remain prevalent, Connecticut’s economy continues to show resilience, as the state’s employers added an estimated 2,100 jobs in August 2023. The state’s unemployment rate is 3.6%, a four-year low below the national average of 3.8%.
Located along Route 1, 777 West Putnam Avenue offers convenient connectivity to Interstate 95, 287 and three Metro-North Railroad train stations—Greenwich, Rye and Port Chester—providing access to Manhattan in less than one hour. The building is just minutes from downtown Greenwich, a luxurious retail corridor with pedestrian-friendly streets, retailers and critically acclaimed restaurants.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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