New Haven, CT After marketing the property for the past year, Cushman & Wakefield has acquired an interest in 545 Long Wharf Dr., a key component of the Long Wharf Maritime Center, from Water Street Properties. Water Street took over operational control of the 252,000 s/f building on November 1^st.

The building’s transition to Water Street was finalized after negotiations between Todd Taylor, managing partner at Water Street, and Tony Minopoli, chief investment officer for the Knights of Columbus. Both parties recognized that a partnership would be the most beneficial path forward. Evan O’Brien, senior director of Cushman & Wakefield, arranged the sale of the partial interest and has been retained as the leasing agent for the building.

“Unlike many CRE investors since the pandemic, Todd and Water Street recognized the positive momentum in New Haven, particularly it’s office market,” said O’Brien.

“We believed in Todd and his team’s vision for value creation at 545 Long Wharf and their ability to execute a strong asset management strategy. Water Street has our full support,” said Minopoli.

Water Street’s goal is to establish 545 Long Wharf Dr. as the premier business address in New Haven. The building is currently home to notable tenants, including Ameriprise, Barclay Damon, CCM/CIRMA, Knights of Columbus, Morgan Stanley and Tek Systems.

“The building is uniquely positioned in the market,” said Taylor. “The Knights have made essential capital improvements, maintaining the asset’s high standard and operational efficiency. The manageable size of the building, its anchor tenants, its value proposition for class A office tenants, its easy accessibility to I-95 & I-91 and its outstanding water views and free parking will prove this to be a great investment.”

Water Street is committed to collaborating with the city of New Haven to advance the Long Wharf redevelopment plan. “Connecticut’s coastal cities are becoming keen to maximizing property values south of I-95. BLT’s redevelopment of Stamford’s south end is a prime example and New Haven’s plan is another focusing on coastal resiliency, progressive economic strategies and community engagement,” said Taylor.

Water Street currently owns and manages 18 commercial real estate assets and has offices in New Haven and San Antonio, TX. Water Street will be relocating from Guilford to a new 4,500 s/f suite at 545 Long Wharf on December 1^st.