33 Benedict Avenue In Greenwich Undergoes Major Capital Improvement Program
12 May, 2008, Greenwich, CT
An extensive multi-million dollar renovation project has begun at 33 Benedict Place in Greenwich, Conn., today announced the property owner, 33 Benedict Place LLC, and Cushman & Wakefield, exclusive leasing agent for the a 126,810-square-foot Class-A office building.
33 Benedict Place LLC, a partnership of Hines and Willett Companies, purchased the four-story property in 2005 from Unilever Home & Personal Care and are underwriting the renovation. Unilever is in the process of fully relocating from the property. The interior and exterior capital improvement program will be complete by year-end.
Designed by Roger Ferris + Partners, the plans include new design elements for the entries, main lobby, common corridors and restrooms. The main entry will be defined with a unique glass portal sculpture that covers a new grand entry stair. The stair leads to glass entry doors and the redesigned lobby. A remodeled exterior façade of glass, stone and stainless steel, will set the tone for the interior remodel. Additionally, new electric service to the building will provide the power capacity required by financial service tenants.
“The renovation of 33 Benedict Place is proceeding on schedule and will provide discerning tenants an upscale space opportunity in a real estate market that remains tight,” said Hines vice president Frank Saphire.
Jay S. Hruska, executive vice president of Cushman & Wakefield, serves as the exclusive leasing agent for the property. Mr. Hruska, together with Mr. Saphire and Bart Swenson, vice president of Hines, has led an aggressive leasing initiative targeted primarily at financial services firms. There are currently 30,000 square feet that remain available for lease. Major tenants at 33 Benedict Place include AQR Capital Management and Axiom International Investors.
“We have already leased two-thirds of the building and are attracting a significant amount of interest from a number of local tenants in the market for Greenwich CBD office space” said Mr. Hruska. “The property features a great balance of a central location, brand new office space, and modern-day amenities.”
Tenant amenities at 33 Benedict Place include on-site property management, 24-hour security, underground parking, shuttle service to the Greenwich Metro North train station, as well as opportunities for interior and exterior corporate identity.
33 Benedict Place is situated on 1.2 acres near the intersection of Greenwich and Putnam Avenues, in the heart of Greenwich’s central business district. The property is close to the Greenwich train station and offers easy access from I-95, US-1 and the Merritt Parkway.
“The acquisition of 33 Benedict Place was an exceptional investment opportunity to purchase a Class-A asset in a high demand submarket with one of the lowest vacancy rates in the country,” said Willet Companies CEO Frank Kenny. “We are extremely pleased with leasing progress to date and are confident that the property will be fully leased upon completion of the renovation work.”
About Cushman & Wakefield:
Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 950 properties representing approximately 380 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments. With offices in 67 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $16 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.
About Willett Companies:
Willett was formed in the early 90's and is based in Rye, Westchester County, New York. Willett Companies. LLC, consists of several entities which acquire, own, operate, develop and manage commercial real estate primarily in theTri State area. Willett owns and operates a commercial portfolio of more than 2 million sq ft of primarily Class A multi tenanted office space. Willett currently has a portfolio with a value of in excess of $700M and an annual rent roll of $60M p.a.
Contact: Alison Miller