Hines Project Manager Frank Saphire says that the property, originally built in 1975, was in need of upgrade. The renovation program should be complete by September and will allow the ownership to command higher rents. Saphire estimated that in downtown Greenwich, owners of office space are seeking asking rents of approximately $60 per sf. and the upgrades at 55 Railroad Ave., will allow the ownership to pursue deals in that price range.
"The location of 55 Railroad Avenue is world class, however, the current public spaces and finishes are dated," says Hines Senior Vice President Tommy Craig. "With this renovation, we will enhance the building's street presence through the grand entrance on Railroad Ave., and the reconfiguration and re-landscaping of the plaza."
The building was purchased in 1998 by National Office Partners Limited Partnership. NOP is a partnership of CalPERS and Hines, which was formed in 1998 which now owns a portfolio of U.S. office properties valued at approximately $3 billion.
The renovation program, which is designed by Robert A.M. Stern Architects of New York City, will include a new glass and steel canopy entrance on Railroad Ave., as well as a complete renovation of the adjoining public plaza to include a 90-foot-long "waterwall," terraced landscaping and an outdoor seating area. The building lobby will be refurbished with the addition of granite flooring, cherry wall panels, a black granite concierge desk and new elevator cab finishes. Tenant common areas will receive new carpet and wall covering, while the restrooms will be completely redone with tile, granite counter tops, and fixtures, Hines officials note. The firm has hired Turner Construction of Milford, CT., as the construction manager for the project.
The renovation program comes at a time when a significant portion of the property will become available for lease. Hines' Saphire notes that several large tenants will be vacating the property in the next several months: Boardroom Reports, will be moving out of 36,000 sf and relocating its offices to Stamford Plaza, while AON, an insurance company, will shut out the lights on 35,000 sf of space at 55 Railroad Ave., and will be moving is operations to 1700 East Putnam Ave., in Greenwich. In total, approximately 95,000 sf of space will be available for lease in the near future, he says.
Current tenants at the property are Simms Capital, Heartland Industrial Group LLC, Bank of America and Spectrum Capital.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
