Connecticut Dermatology Group and Coastal Eye Surgeons have each signed leases at 600 W. Putnam Ave. in Greenwich.
Sean McDonnell, a principal at Avison Young and head of the firm’s Healthcare Affinity Group, represented both tenants in the new leases with developer and landlord John Fareri of Fareri Associates LP.
Connecticut Dermatology Group, the largest skincare treatment center between New York City and New Haven, signed a long-term lease for over 6,000 square feet, while ophthalmology clinic Coastal Eye Surgeons, which exclusively offers femtosecond laser cataract surgery in Greenwich, leased 4,300 square feet at the property.
“The simultaneous closing of the two leases allowed for the owner to build out both spaces at the same time, permitting better financial terms for the tenants,” said McDonnell.
He noted that the area has emerged as a hub for medical services, with Greenwich Hospital and West Med on West Putnam, and Stamford Hospital and Greenwich Surgery Center on nearby Holly Hill.
“Working simultaneously with multiple medical tenants in the same area has its benefits,” McDonnell said. “The trick is often timing. This approach offers more options, especially in cases where the owner has a larger block of space that they really don’t want to sub-divide.
“With the prospect of multiple deals, the landlord might be willing to hold the space a little longer,” he continued. In the case of Connecticut Dermatology Group and Coastal Eye Surgeons, McDonnell said, “Fareri Associates was able to fill all of its available space in one build-out providing savings that resulted in excellent terms for both tenants.”