New York Firm Pays $48M for Greenwich Office

TRD Staff

Published On September 10, 2022

A New York real estate firm snapped up a 134,000-square-foot office property in Greenwich, Connecticut.

Shelbourne Global Solutions bought the Class A office property at 777 West Putnam Avenue for $48.5 million, the Westchester & Fairfield County Business Journals reported. LMT Investments was the seller on the deal, which works out to roughly $362 per square foot.

Built-in 1976, the three-story building served as the home for Nestlé Waters North America before the company uprooted to Stamford in 2009. Today, the office is anchored by Marc Fisher Footwear, The Richman Group and Knighthead Funding.

Newmark’s Alex Haendler and Cory Gubner represented the seller and brought the buyer to the table.

Brooklyn-based Shelbourne claims more than 8 million square feet of Class A office space in its portfolio. The company, managed by Bernard Bertram and Ben Schlossberg, counts more than $1 billion worth of assets and $350 million in invested equity.

Despite being based in New York, the firm doesn’t appear to have any properties in the state, though it does have properties in New Jersey and Connecticut. While the company has several properties in Hartford, including One Financial Plaza, this appears to be its first foray into Greenwich.

Greenwich was viewed as a hot office market early in the pandemic, as New York City-based companies and employees escaped the city. Office leasing in the central business district surged 312 percent from 2020’s fourth quarter to 2021’s first quarter, sparking concerns over tight inventory.

The pop in the Greenwich office market included some big names looking beyond their Manhattan roots. In March, Apollo Global Management agreed to buy the building where the private equity firm was planning its own office for more than $200 million. Rockpoint Group was the seller of the property at 100 West Putnam Avenue.