NGKF Capital Markets is pleased to announce its representation of the seller in the highest priced commercial sale of office space in Greenwich, Connecticut since 2007. Located at 411 West Putnam Avenue - also known as Wexford Plaza - this 100,155-square-foot, high-design, Class A building sold for $51.5 million. A NGKF team led by Senior Managing Directors Stephen Westerberg and Kim Mowers, along with Executive Vice President and Managing Director James Ritman and Executive Vice President and Regional Manager Mike Cottle, negotiated the sale on behalf of 411 Properties LLC to the new owner, JMC Holdings LLC (JMC), a real estate investment company based in New York City.
Ritman has directed the leasing program for the property since 2011, bringing the building to 92.2 percent capacity and will continue to provide these services to the new owner for the remaining vacant space. JMC plans to initiate a NYC-style pre-built program incorporating high-end finishes in the remaining 8,800 square feet. An affiliated company of 411 Properties LLC, The Camuto Group, a leading fashion design company, will maintain their corporate headquarters at 411 West Putnam Avenue in a continuing commitment with the new owner.
“The size and location of the asset yielded tremendous buyer interest from prominent national owners of commercial real estate,” said Mowers. “JMC Holdings was attracted to the property’s strong credit tenancy and minimal near term rollover, and should fare very well with the investment.” The previous owners have kept the building modern providing tenants with above standard common areas to complement their offices.
“The long term premier tenant roster consists primarily of capital management firms, providing investors with stable in-place and future appreciation,” added Ritman.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.