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Newmark sells Greenwich property to RFR Holdings.

In one of Greenwich, CT's most significant prime office/retail building sales this year, 200 Greenwich Avenue, has been purchased by German-based RFR Holdings, a real estate investment company, for $16.25 million.

Newmark & Company Real Estate Inc., exclusive leasing/sales agent for the trophy, Class A, 47,569 square-foot mixed-use building, negotiated the deal on behalf of the building's owner, Japan Leasing of New York City. Newmark's John D. Goodkind and Stephen M. Banker, along with New York-based James D. Kuhn and David Noonan, who arranged the sale, were also instrumental in negotiating a long-term lease for Greenwich Capital Markets, the finance arm of Gleacher Nat West (the parent company is London-based National Westminster Bank plc) on the third floor of the property.

"At a time when Greenwich Avenue has become so upscale that it is generally considered the East Coast's Rodeo Drive, it's not surprising that 200 Greenwich Avenue was snapped up so quickly," said Goodkind, who added that the building had only been on the market for a relatively short period of time. The building's office component is now fully occupied.

Not surprisingly, there has also been great interest in 200 Greenwich Avenue's abundant ground floor retail space. Thus far, CP Shades and Ann Taylor have made long-term commitments. Downtown Greenwich is already home to The Limited, Banana Republic, Henry Lehr, Ralph Lauren, Baccarat, numerous diverse expensive restaurants, and the recently opened Saks Fifth Avenue Women's Store, which is situated directly across the street from 200 Greenwich Avenue.

Banker pointed out that Greenwich, CT's Class A office vacancy rate is, at just under 3.5 percent, the lowest it's been for years. "Plus, the building is truly a showcase in design and amenities and offers four levels of covered parking, a magnificent European-style balcony which surrounds the third-floor penthouse space, and a prime position on Greenwich Avenue with easy access to the Greenwich train station and major highways en route to New York City," he said.
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Title Annotation:Newmark and Company Real Estate Inc
Publication:Real Estate Weekly
Date:Nov 12, 1997
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