SITUATION
Located in the heart of downtown Greenwich, Pickwick Plaza consists of three buildings situated on three acres, totaling 238,000 square feet. The office complex, when measured by rents per square foot, and the underlying credit quality of its tenants, is considered the country’s finest suburban office complex. With immediate access to many upscale shops and restaurants, the property is a coveted address for many A-list tenants, especially in the financial services arena.

DEVELOPMENT
Purchased by Antares Investment Partners for $115 million in 2002, the property was 100% leased but had an average in-place rental rate that was below market. Through strategic renovations and repositioning, Antares was able to increase rents by 186%, breaking the $100 psf rental barrier. Four years later, Antares sold the property for an approximate $120 million gain on a $30 million equity investment, thus achieving the highest price per square foot ever paid for a suburban office building in the United States.