75 Holly Hill Lane
Greenwich, CT
Project summary
Partner: Artemis Real Estate Partners
Greenwich, CT
Total SF: 105,000
Partner
Artemis Real Estate Partners
Property
- Office
- 105,000 SF
Timing
May 2012 – July 2017
Opportunity
- 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 / Execution
- 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