2015 was a good year for the Greenwich Office Park. Photo courtesy of CBRE
Last year was a boom year for Greenwich Office Park. Set on 21 wooded acres and encompassing eight buildings and 380,000 square feet of space, the park experienced in excess of 107,000 square feet of leasing activity in 17 separate transactions over the course of 2015 including existing and new tenants.
Representatives from Clarion Partners, owners of the property along with marketing and leasing entity CBRE, attribute the good year to a series of improvements which have helped to attract and retain new and old tenants.
These include modernizations to the infrastructure as well as exterior and interior common areas, said Margaret L. Egan, Senior Vice President, Asset Management with Clarion Partners.
“The leasing success we”™ve seen over the course of 2015 at Greenwich Office Park is a testament to the improvements made there,” said David Block, senior vice president of CBRE. ”These include four new pre-built units, all with high-end finishes, and offering other tenants turn-key options as well.”
The first half of 2015 saw leases for over 49,000 square feet for tenants including Starwood Capital Group, RiskMatch, CareNext, Ropart Asset Management and Cross River Advisors. Leasing activity remained brisk in the second half of the year with Clarion and CBRE announcing over 57,000 square feet of additional leasing during this period, including the following tenants:
- A global firm specializing in mergers, acquisitions and operations, represented by Rick Rakow of Rakow Commercial Realty Group, leased 10,731 square feet in Building 1.
- CBRE”™s Tom Pajolek represented Good Hill Partners LP in a 6,755-square-foot lease that will see the private investment firm relocate from Westport to Building 1.
- Inovestor USA Inc. leased 1,320 square feet in an expansion and relocation from Stark Office Suites (located at Greenwich Office Park).
- Newmark Grubb Knight Frank”™s Stephen Banker represented Stanwich Energy Advisors in a 2,583-square-foot lease in Building 9.
- Performance Equity Management LLC, leased 12,988 square feet in Building 5. The firm, represented by Jay Hruska at Cushman & Wakefield, will relocate from within the Greenwich commercial business district.
Exterior and interior of portions of the Greenwich Office Park in Summer. Photos courtesy of CBRE
The improvements included an extensive multi-million parkwide capital program entailing a full-scale renovation of the façade and infrastructure of Building 1 to a LEED core and shell standard; fully renovated lobbies and common corridors; new restrooms; refreshed café and fitness center; the addition of a new conference room amenity; extensive landscaping and outdoor seating improvements; updated interior and exterior signage; and extensive infrastructure improvements including HVAC and roof replacements and elevator cab and control upgrades.
The office park currently has 65,319 square feet of rentable space with offices ranging from 1,500 to 12,000 square feet including luxury amenities such as dry cleaning; shoe shine and repair; mail delivery and pick up at each tenant”™s suite; car wash; and detailing service as well as individually controlled heating and cooling units.
