A pair of real estate deals in downtown Greenwich ”” one a sale, one a lease and both totaling 40,000 square feet of space ”” entered the books recently owing to efforts from Newmark Grubb Knight Frank.
NGKF Capital Markets in Greenwich announced the recent sale of 98-102-108 Greenwich Ave., a mixed-use office and retail building. The 19,600-square-foot property sold for $21.45 million or $1,091 per square foot.
Stephen Westerberg, NGKF Capital Markets senior managing director, along with Kim Mowers, senior managing director, and Jared Zuckerman, associate, represented the seller, Love Realty/Love in Greenwich LLC in the sale to 98-102-108 LLC.
At the time of sale, 98-102-108 was 100 percent leased to retailers Lacoste and Giggle on the ground floor and to Altus Power America Management, Full Circle Advisors and Atlantic Pacific Capital on the second floor.
Westerberg said, “Greenwich Avenue continues to demonstrate to owners the demand for quality retail and mixed-use properties in this market. This sale represents the only transaction on Greenwich Avenue to have traded for more than $1000 per square foot this year.”
Also, NGKF Retail announced it secured a 20-year lease with Saks Fifth Avenue at 200 Greenwich Ave., a 20,400-square-foot retail space. Jessica Curtis, senior managing director at NGKF Retail, represented the landlord, 200 Greenwich Avenue LLC, in the transaction.
Saks Fifth Avenue has been expanding its Greenwich presence over the past few months, according to NGKF. The retailer, which has a 35,000-square-foot department store at 205 Greenwich Ave., signed a lease at 20 East Elm St. in July of this year, reportedly for their first ever shoe-only concept store.
The move to 200 Greenwich Ave. will nearly double Saks”™ presence in the market and will afford the brand storefronts on both sides of the street.
“Saks Fifth Avenue”™s decision to almost double its space on Greenwich Avenue is one of the most significant retail leases in the avenue”™s history, and is a major indicator of the strength of the corridor”™s retail market,” Curtis said. “It”™s exciting to envision Saks having retail offerings on both sides of the street and gives more weight to those of us in the market referring to it as the ”˜Saks block.”™ Clearly, this commitment to a 20-year lease demonstrates their confidence in the area”™s retail strength and further elevates Greenwich as Fairfield County”™s premier destination for high-end retail.”
Saks Fifth Avenue was represented by Ron Brien of Alliance Commercial Real Estate.
