The New York City-based global commercial real estate firm Newmark Grubb Knight Frank has facilitated the largest sale of commercial official space in Greenwich since 2007 with the $51.5 million purchase of 411 West Putnam Ave., also known as Wexford Plaza.
The 100,155-square-foot Class A office building was sold by 411 Properties LLC to JMC Holdings LLC, a New York City real estate investment company.
The seller was represented by a Newmark team led by Senior Managing Directors Stephen Westerberg and Kim Mowers, Executive Vice President and Managing Director James Ritman and Executive Vice President and Regional Manager Mike Cottle.
“The size and location of the asset yielded tremendous buyer interest from prominent national owners of commercial real estate,” said Mowers. “JMC Holdings was attracted to the property’s strong credit tenancy and minimal near-term rollover, and should fare very well with the investment.”
The building is at 92.2 percent capacity with tenants including long-term capital management firms, and is also the corporate headquarters for the Camuto Group, a fashion design company.
Leasing of the remaining 8,800 square feet of space will be managed by Newmark.