Broadway Real Estate Partners, LLC of New York City purchased the property for approximately $115 million, local real estate sources say. The deal was announced by Scott J. Lawlor, founder and chief executive officer of the commercial real estate investment firm. Representatives of Broadway Real Estate Partners would not comment on the reported sale price for the property, which if accurate would translate into a deal worth approximately $480 per sf.
"Pickwick Plaza is a truly unique property which Broadway Partners is excited to own," Lawlor says. "The high quality of the buildings and exceptional roster of credit tenants, combined with its 'Main and Main' location and proximity to amenities of downtown Greenwich, make it a highly desirable real estate investment. Pickwick Plaza is about as close as you can get to an irreplaceable property."
Pickwick Plaza is located in the heart of downtown Greenwich at the intersection of East Putnam Ave. (Route 1) and Greenwich Ave.
Tenants at the complex, which is 100 percent leased, include Merrill Lynch, Deutsche Bank, Morgan Stanley, JP Morgan Chase, General Atlantic Services, Interactive Brokers Group and NFO Research.
The property's availability had generated significant investor interest and a highly competitive bidding process, according to reports from area commercial brokers. Rockwood Realty Associates marketed the project on behalf of the seller, Pickwick Plaza Associates.
Morgan Stanley provided financing for the acquisition. Broadway Real Estate's investment partners include the Landis Group of New York City, RiverOak Investment Corp. of Stamford and several other private and institutional investors. Antares Real Estate Services of Greenwich is a partner and will provide leasing and management services at the complex.
Pickwick Plaza consists of four buildings that contain approximately 238,000 sf of space, including 217,000 sf of office space and 21,000 sf of retail. The complex, which sits on about three acres, also includes an 854-space underground parking facility.
Broadway Real Estate Partners was founded two years ago and has since purchased office properties totaling more than $450 million in value in the Midwest, Northeast and Mid-Atlantic regions. Its portfolio now includes more than two million sf of office space.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
