2 Central Greenwich Properties Sold To Chicago-Based Real Estate Firm

GREENWICH, CT — A Chicago-based real estate company recently purchased two buildings in the heart of Greenwich that total 90,268 square feet. The sale price was not disclosed.

The two buildings, located at 1 Lafayette Place and 1 E. Putnam Ave., are adjacent to Greenwich Avenue.

Global commercial real estate firm CBRE procured the buyer of the property — Bradford Allen Investment Advisors, which is a subsidiary of Bradford Allen. The sale was a joint venture between Global Gate Capital, based in Geneva, Switzerland, and Lincoln Property Company, which is headquartered in Dallas, Texas.

This is Bradford Allen's first acquisition in the New York metropolitan area, CBRE said.

CBRE said the office buildings are 100 percent leased, and the location "offers abundant tenant amenities including upscale dining and world-renowned retail."

CBRE also said that since 2020, Greenwich's central business district "has benefited from an increased demand in discerning office tenants, lowering the vacancy to only 5.7 percent with rents increasing to over $100 per square foot."

Jeffrey Dunne of CBRE's Institutional Properties said Greenwich has the strongest central business district market in the United States.

"With existing rents in the portfolio currently being 15 percent below market, Bradford Allen has added upside to grow rents in future years," Dunne said in a news release.

Steven Bardsley, also of CBRE, said the real estate sale speaks to Greenwich's attractiveness.

"This transaction is a testament to Greenwich as being an extremely desirable business destination for discerning companies, which continue to demand high quality office space within a site and development restricted market," Bardsley said in a news release.