March 2, 2023 9:00 AM
Newmark announces a new 4,408-square-foot office lease on behalf of Weinberg Properties and Shelbourne. Weinberg Properties, an established family-owned real estate development company in the Tri-State area, will relocate headquarters from Manhattan to Shelbourne’s 777 West Putnam in Greenwich, Connecticut. Newmark’s Executive Vice President & Managing Director James Ritman and Managing Director Benjamin Goldstein represented both parties on the transaction.
“As with many other companies we have worked with over the past few years, this transaction is representative of the substantial movement of Manhattan based firms relocating or taking satellite office space in Connecticut,” said Goldstein. “Partnering with Shelbourne on 777 West Putnam has allowed our team to attract new tenants, such as Weinberg. We look forward to welcoming the tenant to its new space.”
Totaling 134,000 square feet, 777 West Putnam Avenue is situated along Route 1 and offers convenient connectivity to Interstate 95 and two Metro-North Railroad train stations—Greenwich and Port Chester—with access to Manhattan in less than one hour. The property is anchored by Marc Fisher Footwear and The Richman Group. The asset’s high-quality tenant suites will complement the first-class capital improvement program that ownership is implementing at the site, with plans to significantly renovate the building’s lobby, outdoor amenity space and entryway. The building is also minutes from downtown Greenwich, an amenity hub featuring pedestrian-friendly thoroughfares lined with street-level retail, restaurants and outdoor seating.
“Shelbourne is excited to welcome Weinberg to its new headquarters, and we look forward to building them a prestigious space,” said Rafi Lipschitz, Senior Vice President, Shelbourne. “In addition to Weinberg’s new headquarters and several tenant expansions within the building, we are pleased to announce our plans to redevelop the lobby and unveil a reimagined design reflective of our best-in-class tenants.”
According to Newmark Research, Greenwich, Connecticut’s CBD office market has been one of the strongest in the nation through the pandemic. Average asking rents have increased 20.9% year-over-year at the close of the fourth quarter as Class A availability has dwindled to 3.7%, far below the national average, which closed the year at 22.5%
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. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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