Global commercial real estate advisory firm Newmark is pleased to announce the first lease at 23 Vitti Street, a new medical office building in downtown New Canaan. Newmark’s Senior Managing Director Tim Rorick and Associate Jack McDermott represented the landlord, Cambridge Hanover and its partner Collins Enterprises, LLC, while Managing Director Christian Bangert represented the tenant, Greenwich-based Riverside Pediatrics, in its 3,000-square-foot lease of approximately half of the second floor for its second medical office.
The two-story, 8,700-square-foot commercial building features medical-grade HVAC and HEPA filtration systems, offering a unique opportunity for potential tenants navigating the limited supply of available medical space in New Canaan. The building is the first new medical office construction in New Canaan in over two decades and has drawn substantial interest from medical users throughout its construction.
Conveniently located at a walking distance from restaurants and shops in town, the building is part of a larger mixed-use development that will also include a luxury two-unit condominium and an apartment building featuring eight private entry units, with parking, garden walls, wide sidewalks and a fountained courtyard.
“Riverside Pediatrics was searching for a suitable location that could provide its clientele easy access, ample parking and allow Riverside to expand its premier medical practice within lower Fairfield County,” said Bangert. “We are very excited to have found a new construction medical building in an ideal location where Riverside Pediatrics can continue their 58-year history of outstanding pediatric care.”
“A project like 23 Vitti Street is unrivaled in the market in terms of the flexibility it offers tenants, and its quality and convenience,” said Rorick. “The building will seamlessly connect the Cross-Vitti neighborhood to downtown New Canaan, extending the downtown area and attracting new business to this stretch.”
“Our success for the past three decades has been predicated on the cultivation of projects that enrich the surrounding area and introduce opportunities that were previously unavailable,” commented Arthur Collins of Collins Enterprises, LLC.
“We are very excited to add 23 Vitti Street to the fabric of this neighborhood and welcome Riverside Pediatrics as its first tenant. We look forward to the role this building will have in reinvigorating downtown New Canaan,” said Jonathan Garrity of Cambridge Hanover.
As the property’s exclusive broker, the Newmark team continues to represent the landlord in leasing the additional 5,000 square feet of medical office space available in the building. The building is scheduled for completion in summer 2019.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.