NEW YORK—ClearRock Properties has begun its $2.5 million capital improvement campaign at 75 Holly Hill Lane in Greenwich, Conn. Purchased in May for $19.3 million with joint venture partner Artemis Real Estate Partners, 75 Holly Hill Lane is a 105,000-sq.-ft. office property situated on 4.5 acres.
"We are breathing new life into the office building, which was 20 percent occupied upon acquisition," said Doug Winshall, managing principal of ClearRock Properties. "We will reintroduce the office building in early fall as a fully renovated product delivering high quality services at a reasonable cost."
ClearRock hiredfirm MKDA to oversee the capital improvement program. Exterior upgrades include an updated entrance façade, new signage, landscaping and outdoor seating. The roof and parking lot are also being redone. Interior upgrades include updated elevators and the installation of perimeter heat and air conditioning equipment.
In addition to the upgrades, ClearRock is also implementing a marketing program that includes an onsite marketing center and four move-in condition prebuilt office suites designed by MKDA. Cassidy Turley is heading up thecampaign, which will target the Fairfield County market. Lincoln Property Company is managing the property.
Four prebuilt suites ranging from 2,500 to 6,500 sq. ft. are available at 75 Holly Hill Lane as are full floors of up to 30,000 sq. ft. and smaller divisions of 5,000 to 20,000 sq. ft. Asking rents are in the low $40 per-sq.-ft. range.
Located in close proximity to U.S. Route 1, Interstate 95, Westchester Airport and Metro North Railroad, 75 Holly Hill Lane features a covered drop-off area, a three-story atrium lobby and a manned concierge desk.