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March 20, 2007 New signs at the soon-to-be renovated 75 Holly Hill Lane in Greenwich just might read, "Give us your private equity firms, your money managers, your huddled hedge funds yearning for rents less than $50 a square foot." The new owners of the 102,224-square-foot building view their $37 million investment as an alternative to the premium-priced real estate in the center of town. "Our target-type tenants are certainly financial services organizations, such as private equity, money managers and asset management and high-quality law firms," said Jim Millard, managing director of Stamford-based Core Plus Properties LLC, co-owner of the building with Angelo, Gordon & Co. "But we aren't limited to those." The current roster at 75 Holly Hill shows a variety of occupants, including Eastport Maritime, a bulk shipping company; Greenwich Hospital offices; the Bank of Ireland Asset Management Group; an office of Citibank; Expedient Title, an escrow and real estate title company; and Next Wave Broadband. A new private equity company, Orca Management, opened a 3,000-square-foot office in the building last month, Millard said. The building is certain to lure more tenants, said Bob Gillon, a Greenwich resident who is president of Signature Group commercial real estate in Darien. "The building is centrally located to downtown Greenwich and Interstate 95," Gillon said. "With new ownership and the improvements they are making, the property will be very attractive to new tenants, especially hedge funds." The Greenwich office of New York City-based Newmark Knight Frank commercial real estate is marketing the four-story building, now called Greenwich Atrium, to new customers. "Rental rates offer tenants terrific value for an address in this highly sought-after and increasingly tight Greenwich marketplace," said John Goodkind, managing principal at Newmark Knight Frank's Greenwich office. Millard said rents for new leases at Geeenwich Atrium will start in the high $40s per square foot, per year range. By comparison, the average asking rent for Class A office space
in Greenwich's central business district is $73.18 per square foot,
compared with $40.44 in the rest of town, according to the Stamford
office of Los Angeles-based CB Richard Ellis commercial real Rents are even higher in downtown Greenwich office buildings and those near the train station or with a water view. Antares Investment Partners will seek rents of more than $100 a square foot after it renovates an office building at 100 W. Putnam Ave., which currently houses the headquarters of UST Inc., a maker of smokeless tobacco products. UST is scheduled to move to High Ridge Park in Stamford this summer. The Willett Cos. of Rye, N.Y., and partners Hines real estate and Warren Private Clients of Dublin, Ireland, expect similar high rents at 33 Benedict Place after Unilever Home and Personal Care USA relocates to New Jersey next year. They also plan to revamp their building. Improvements at 75 Holly Hill Lane will include a high-profile atrium lobby that will have a new concierge/security area, seating, interior landscaping and art displays. "It will leave a very good first impression when you arrive," Millard said. Other improvements will be a new cafeteria, extensive landscaping, new exterior signs and high-end upgrades and finishes for the bathrooms, common corridors and elevator cabs. Millard said the owners plan to file May 1 for buildings permits for the renovations and expect to complete the project this fall. Perkins Eastman is the architect. Core Plus Properties has not yet decided whether to offer bus service from 75 Holly Hill to the Greenwich train station for tenants' employees, Millard said. Core Plus Properties is a private real estate investment and management firm that focuses on office properties in the central business districts and metropolitan areas of New York City and Washington, D.C.
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