It is no secret that most companies prefer to locate their offices in modern properties featuring the latest amenities. This creates a challenge for older office buildings that may have been cutting edge when they were constructed decades ago but have since become a little too old-fashioned for those focused on contemporary style.
One older office building in the heart of downtown Greenwich is undergoing a significant upgrading to make it a competitive asset in the commercial real estate market. Last month, Newmark Group Inc. (NASDAQ:NMRK) announced it had been retained by Win Properties for the marketing and leasing of 145 Mason St., a two-story, 37,602-square-foot Class A office building that is undergoing a full gut renovation that is slated to be completed during the second quarter. The building will be coming to market during for the first time in over 30 years and it is being promoted by Newmark as “one of the largest reimagined work environments in the Greenwich market since the start of the pandemic.”
According to Newmark”™s Executive Vice President and Managing Director James Ritman, the building previously had the investment bank Piper Sandler as its sole tenant, but the company has since relocated to a smaller space at 1 Greenwich Plaza.
“The ownership is taking this opportunity as the tenant has just moved out,” said Ritman, noting the building became fully vacant with the New Year. “They”™re taking this opportunity to completely gut and bring the building down to sort of a core and shell condition, and basically rebuild it from the inside out.”
The renovation to the building”™s infrastructure will feature the installation of energy-efficient building systems, including HVAC, roofing, insulation and Merv 13 air filtration with tenant-controlled VRF heating and cooling systems. The design firm Studios Architecture is already at work providing the building upgraded exterior finishes and operable windows and two levels of upgraded parking including electric car charging stations.
“There will be better air quality and more fresh air coming into the building,” Ritman added. “Plus, all new windows surrounding the building, new elevators, new restrooms and an expanded new modern lobby with security and new ADA compliance.”
Ritman stated that Win Properties was open to having either a single tenant who would occupy the entire building ”” complete with naming rights on the property”™s signage ”” or dividing the space between two or more companies.
“We have been taking inquiries from a multitude of different tenants thus far,” he added. “We are so excited to work on the project.”
Despite the tumult of the past three years created by the pandemic and the shaky economy, Ritman is optimistic that the Greenwich office market will be able to maintain its vibrancy into 2023.
“Greenwich has always been a strong market because of the groups that are already here ”” the hedge fund and private equity groups,” he said. “There”™s been an incredible amount of activity, and that continues to be strong. It”™s just a desirable location ”” you”™ve got great buildings, a great town, great access to the train and I-95, and then a wonderful Greenwich Avenue with great restaurants and shopping and coffee shops.”
One thing that has been working against Greenwich, he added, was the lack of available inventory.
“The activity remains very strong, but there hasn”™t been space,” he continued. “The issue is that the demand has been there, but we didn”™t have any space to market or provide as an opportunity for a tenant to take. This building will be the first full building, and for a really nice space like this to come on the market has been a great opportunity for companies to look at it in town.”
