CBRE completes sale of Greenwich office building for $10.7 million

Greenwich, CT Jeffrey Dunne, Steven Bardsley, Travis Langer and Steve Holt of CBRE’s National Office Partners represented 39 Lewis Street Property, LLC, in the sale of 39 Lewis St., a 100% leased, 17,081 s/f mixed-use property. The property sold for $10.69 million ($622 per s/f) at a cap rate of 6.74%. CBRE also procured the buyer, U Park 39 Group, LLC, an entity managed by U Park Group, LLC.

39 Lewis St. is located less than one block from Greenwich Ave. offering amenities including dining and world-renowned retail. The building provides stable cash flow with office tenants on the upper floors and ground floor retail. The CBD has benefited from a continued increase in demand from office tenants, lowering the vacancy close to 8%, with CBD rents averaging nearly $110 per s/f.

Bardsley said, “39 Lewis St.’s 100% occupancy, coupled with an extremely strong Greenwich CBD market, provides a stable in-place NOI, albeit at below-market rents, creating an optimal environment for U Park to grow rental revenue in the future.”