Fareri Associates picks up 500 West Putnam Ave. for $41 million

By Reece Alvarez

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SL Green Realty Corp. of Manhattan has sold the 121,000-square-foot commercial office space at 500 West Putnam Ave. in Greenwich for $41 million, or $337 per square foot, to Fareri Associates LP in Greenwich.

According to a media release from SL Green, the transaction is expected to close in the second quarter of 2016.

Jeffrey Dunne and Steven Bardsley of CBRE Group Inc.’s  institutional properties division represented SL Green in the sale.

Dunne said the deal would bode well for Fareri considering the tight Greenwich commercial real estate market, which has not seen a significant construction of new office space in nearly three decades.

According to representatives for CBRE, the building is currently 54 percent occupied with 10 tenants including J.P. Morgan Chase Bank, Greenwich Hospital and Hudson Valley Bank.

SL Green, which is developing the $3.14 billion, 58-story One Vanderbilt skyscraper next Grand Central Terminal, is Manhattan’s largest office space landlord and holds interests in 121 buildings on the island totaling 52.6 million square feet. The company also holds ownership interests in 31 suburban buildings totaling 4.9 million square feet across Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.

Fareri is currently seeking Westchester County government approvals to build a $1.2 billion mixed-use health science and biotechnology center. The proposed Westchester BioScience and Technology Center would include a biotech research facility, children’s science center, medical offices, a 100-room hotel, retail stores and restaurants totaling nearly 3 million square feet.

 

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