A 131,630 sq. ft. office building in Greenwich, Conn. has fetched $142.5 million. Willrich Holdings of Rye, N.Y. sold the property to Kensico Properties. Both the buyer and the seller were represented by CB Richard Ellis’ Tri-State Region Institutional Group.
Greenwich is home to the world’s largest concentration of hedge funds. These closely-held companies are thinly regulated pools of capital that invest in all manner of businesses. As hedge funds have become more popular with wealthy investors in recent years, both residential and office space in and around Greenwich has soared in value.
This office building, 55 Railroad Avenue, is located directly across the street from the Greenwich Metro-North train station. The building is 100% leased by hedge funds and financial services firms. This is the main commuter rail line into New York City. The building is also located less than a mile away from Interstate 95, the busiest automobile corridor on the east coast.
“The availability of a trophy office asset like 55 Railroad [Avenue] is highly unusual. Kensico Properties recognized the long-term upside offered by its incredibly site constrained ‘main and main’ location and the tenants’ below-market leases,” says CBRE vice chairman Jeff Dunne, who worked on this deal.
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