Unilever Completes $87.5 Million Sale/Leaseback Of An Office Facility In Greenwich, Conn.
6 Jul, 2005, Greenwich, CT
Most Significant Sales Transaction Year-to-Date in Fairfield County
Sale/leaseback Arrangements Increasingly Popular Among Corporations
Commercial real estate services firm Cushman & Wakefield announced today the completion of the $87.5 million sale and leaseback of Unilever's headquarters for the Home and Personal Care group at 33 Benedict Place in downtown Greenwich, Conn. The property was sold to The Willett Companies of Rye, NY, in partnership with Hines and Warren Private Clients (of Dublin).
Through the sale/leaseback deal, Unilever will remain the sole tenant in the four-story, 119,344 square-foot office property that was renovated in 1998.
"We are extremely pleased with this acquisition," said Frank Kenny of The Willett Companies.
Cushman & Wakefield's Jay S. Hruska, executive vice president, brokerage services, and Andrew J. Merin, executive vice president, Larry Wilks, senior managing director and Patrick R. Colwell, senior director of the firm's Capital Markets Group, handled the marketing of the property and the procurement of the purchaser on behalf of Unilever. The deal between Unilever and the purchaser went into contract in May.
"This was an outstanding opportunity for a savvy investor to acquire premier Class A office property in the Greenwich central business district, while allowing Unilever its required occupancy flexibility, said Mr. Hruska."
Unilever's North American headquarters is in Englewood Cliffs, New Jersey. As one of the world's largest consumer products companies, Unilever aims to add vitality to life by meeting everyday needs for nutrition, hygiene and personal care. Each day, around the world, consumers make 150 million decisions to purchase Unilever products. The company has a portfolio of brands that make people feel good, look good and get more out of life.
"The offering attracted a substantial amount of interest from regional and national private and institutional investors," said Mr. Hruska. "It was rare to have an investment opportunity of this magnitude in downtown Greenwich."
"The commercial real estate investment market is driven on a sub-market and asset specific basis with investors looking to acquire well-positioned stabilized and added value opportunities," said Mr. Merin. "This is by far the most significant sales transaction of the year in Fairfield County."
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
Contact: Alison Miller