Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE’s Institutional Properties represented GGC Lafayette Putnam LLC, a joint venture between Global Gate Capital and Lincoln Property Company, in the sale of 1 Lafayette Place and 1 East Putnam Avenue. CBRE also procured the buyer, Bradford Allen Investment Advisors—a subsidiary of Bradford Allen, a nationally-active, Chicago-based vertically integrated real estate company—in its
first acquisition in the New York metropolitan area.
The two-building Class A office portfolio totaling 90,268 sq. ft. is 100% leased, providing stable cash flow. Situated in the heart of the Greenwich CBD and adjacent to the prestigious Greenwich Avenue, the location offers abundant tenant amenities including upscale dining and world-renowned retail. Since 2020, the Greenwich CBD has benefited from an increased demand in discerning office tenants, lowering the vacancy to only 5.7% with rents increasing to over $100 per sq. ft. The strong office market in Greenwich, coupled with the prime location and quality of 1 Lafayette and 1 East Putnam, helped to navigate the volatility in the debt markets.
Mr. Dunne commented, “1 Lafayette Plaza and 1 East Putnam Avenue provide a strong in place NOI, with institutional quality tenants in the strongest CBD market in the United States. With existing rents in the portfolio currently being 15% below market, Bradford Allen has added upside to grow rents in future years.”
Mr. Bardsley added, “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”
CBRE Institutional Properties Group is marketing several attractive investment opportunities including Chappaqua Crossing, a 490,000 sq. ft. value-add medical office property in Chappaqua, NY; Pond View Corporate Center, a 225,551 sq. ft. office complex in Farmington, CT; 50 Danbury Road, a 221,070 sq. ft. office building in Wilton, CT; and Harborside, a 1.1 million sq. ft., five-building value-add opportunity on the waterfront in Jersey City, NJ.
