777 West Putnam

Shelbourne Lands Coworking Lease Expansion in Connecticut

April 4, 2024

Flexible office provider Stark Office Suites has extended and expanded its lease to 23,538 square feet of coworking space in Greenwich, Conn. The tenant grew its footprint in the building at 777 W. Putnam Ave. by 5,722 square feet. Newmark represented the landlord, Shelbourne Global Solutions.

Shelbourne acquired the 134,000-square-foot asset in 2022 from Fifth Street Asset Management for $48.5 million, according to CommercialEdge data. In 2023, the property became subject to a $23.5 million loan from Digital Federal Credit Union, the same source shows.

Completed in 1976, the office building underwent a cosmetic renovation in 2011. It rises three stories and features 44,000-square-foot floorplates. Recently, Shelbourne completed another extensive capital improvement program at the property. Amenities include a café, outdoor patio and on-site management. Other tenants are Marc Fisher Footwear and The Richman Group.

Located off Highway 1, the property is on the border between New York State and Connecticut and roughly 34 miles north of New York City. It is also some 6 miles from the Westchester County Airport and less than 3 miles from the Greenwich Hospital.

An expansive national CRE portfolio

Newmark Executive Vice President & Managing Director James Ritman, along with Managing Director Benjamin Goldstein, represented the landlord in the transaction.

New York-based real estate company Shelbourne Global Solutions owns and manages more than 8 million square feet of commercial real estate across various asset types, totaling a $1 billion national portfolio. Recently, the firm acquired Plaza of The Americas, a 1.2 million-square-foot office property in downtown Dallas. Newmark was also involved in this transaction, representing the seller.

Read the Article on Commercial Property Executive