75 Holly Hill Lane

Greenwich, CT

Project summary

Partner: Artemis Real Estate Partners

Greenwich, CT

Total SF: 105,000


Artemis Real Estate Partners


  • Office
  • 105,000 SF


May 2012 – July 2017


  • Located in one of the best New York metro area transit suburbs
  • Building suffered during the nation’s financial crisis
  • 20% occupied at time of purchase with improving market dynamics
  • Partially renovated by previous ownership would limit capital expenditures
  • Marketed at 50% below replacement cost due to high vacancy and bad market dynamics

Value Add / 

  • Executed a $6MM capital improvement program that including pre-built suites, lobby/entrance upgrade as well as new elevators, roof and HVAC
  • Obtained zoning variance and added surface parking so that the building could be leased as medical office
  • Executed a 32,000 SF lease with Stamford Hospital and several other medical leases to begin the transition from general office to medical office
  • Increased occupancy to 80% at time of sale
  • Sold in 2017 (due in part to partner’s fund timing) at almost 2x the purchase price to a buyer who is finishing the medical office conversion