The deal was reported by Cushman & Wakefield of Connecticut, which acted as sole broker in the deal. Glenn Walsh, Patrick Colwell and George Lambros worked on the transaction and also placed the financing for the buyer with JPMorgan Chase. The seller was Ivy Equities.
C&W's Walsh related that RPW Group acquired the 85,000-sf, multi-tenanted building to augment its adjoining property, Harrison Court, a 57,188-sf medical office property at 222 Westchester Ave., which RPW Group purchased about a year ago.
At the time of the sale, the 244 Westchester Ave. property was approximately 90 percent leased.
The building deal is the second major purchase RPW Group has announced in less than a month. In early September, the firm announced it had entered the Fairfield County, CT. office market with the acquisition of 300 Main St. in downtown Stamford.
The deal was characterized as a partial sale/leaseback transaction, involving the former owner First Union National Bank. The 300 Main St. building was bought by the RPW Group for $9.1 million.
Cushman & Wakefield also served as sole broker in that deal as well.
The bank, which will keep its regional headquarters and flagship financial center at 300 Main St., will retain 23,000 sf on floors one through three – of the eight-story, 96,000-sf office building.
Robert Weisz, principal of RPW Group, noted that his firm will renovate the building, built in 1927, as a boutique Class A office building. He said the renovation program, will take about 18 months to complete and will cost between $4 million to $5 million.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
