55 Post Road West, Westport
Newmark, the company marketing Class A offices at 55 Post Road West in Westport, has signed several tenants.
The building’s new owner, Kevin R. Wang Realty Advisors, tapped Newmark last December to market the 3-story, 36,000-square-foot address. The Newmark team of John Goodkind, Gilbert L. Ohls and Richard Rosencrans has since worked diligently to bring the once empty address closer to 100 percent occupancy.
Two transactions were recently completed for a total of 23,506 square feet. Additionally, Goodkind said there is a lease out on 10,000 square feet of the 12,500 square feet still available.
The larger of the two transactions involved D.L. Ryan Cos., which has leased 1,506 square feet on the first floor and the entire second floor of 16,563 square feet, a total obligation of 18,079 square feet.
Also, in a relocation from southern Florida, hedge fund Tequesta Capital Advisors has leased 5,427 square feet on the third floor, where it will build a trading floor in the interior of the space. Work on that transformation began last week.
“The building had been dormant for a year before the new owner,” said Goodkind, noting that wise investment in infrastructure by Kevin R. Wang Realty Advisors helped spur tenant interest. Those investments complemented 55 Post Road West’s natural strengths, which include views of the Saugatuck River and proximity to Westport’s downtown business district.
“The building was in good shape to begin with, but it has now been raised to trophy status,” Goodkind said.
Newmark is one of the largest independent real estate service providers based in the United States. It provides comprehensive real estate services to many of the world’s most prominent corporations, property owners, investors and developers. Based in Manhattan, N.Y., and with offices throughout the world employing nearly 800 people, Newmark has created a global platform from which to serve its growing list of corporate clients.
Annually, the firm completes nearly 25 million square feet of transactions, valued at over $9.5 billion in total consideration. Additionally, Newmark serves as leasing agent and/or property manager for 50 million square feet of commercial space nationally.
Chozick Brokers Sales
West Hartford-based Chozick Realty recently brokered a pair of major sales transactions, including the $2.1 million sale of the 28,000-square-foot Lafayette Square Shopping Center in Vernon.
“Lafayette Square is located in a highly desirable retail location,” said Tom Boyle, the listing and selling broker in the deal.
The property was originally constructed in 1969 and expanded in 1985. It includes a freestanding pad site, which was a McDonald’s Restaurant prior to the sale of the shopping center. The immediate area offers considerable growth opportunities with planning and zoning applications including Wal-Mart and Home Depot locations and 200 units of adult housing. “The area off of Exit 67 offers tremendous growth opportunities that will directly enhance Lafayette Square,” Boyle said.
Chozick Realty also brokered the sale of the Hartford Stamp Works building, which is located in the South Meadows Industrial area of Hartford, for $590,000.
The 15,000-square-foot building anchored by Hartford Stamp Works was constructed in 1965. The purchaser will occupy the 5,200 square feet of available space for its own use, bringing the property to full occupancy. Located on just under an acre of land, the property is located within a quarter-mile of Interstate 91, providing a convenient central business location.
Rick Chozick of Chozick Realty was the sole broker in the Hartford transaction.
