Santa Barbara-based ACG, a real estate investment firm with holdings across the US, bought the four-story blue glass complex as an addition to its Greenwich office portfolio. John D. Goodkind of Newmark & Co. Real Estate Inc.'s Westchester and Connecticut offices, along with David Noonan of Newmark's New York office, represented ACG in the deal. Cushman & Wakefield Connecticut brokers Andy Merin, Jose Cruz, Gary Gabriel of the firm's East Rutherford office and Stephen Olvany and Thomas O'Leary from C&W's Stamford office acted on behalf of the seller.

"Despite a tumultuous period in the real estate markets, Greenwich continues to be a center of stability in the U.S. in the commercial, residential and retail sectors. ACG saw tremendous upside potential in investing in a property of this caliber," says Goodkind. "411 West Putnam met ACG's main criteria including its position in a market with excellent business dynamics."

Roughly 18 months ago, ACG purchased 1 E. Weaver St (Osprey House), also located in Greenwich, in another deal arranged by Newmark. Newmark has the exclusive leasing and managing contracts for both properties. Upgrades are planned for the common areas and exterior plazas of the Putnam Ave. building.