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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Arranges Acquisition Financing For Greenwich, CT Office Building
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Wednesday, February 09, 2005
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New York City, NY
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Sonnenblick-Goldman Company has arranged $21.5 million in first-mortgage financing to facilitate the acquisition of 8 Sound Shore Drive, a 72,100-square-foot office building in Greenwich, CT that has been purchased for $32.6 million by an affiliate of Eugene A. Hoffman Management, Inc. of New York.
The purchase was financed by Barclays Real Estate Capital of New York, an arm of Barclays Bank, London, says David S. Schaiman, managing director of Sonnenblick-Goldman.
“The acquisition price of $452 per square foot was rather conservative for Greenwich, one of the top suburban markets in the U.S., where prices for office buildings have approached $750 per square foot and rents are nearing $60 to $70 per square foot on a net basis,” says Mr. Schaiman.
The property, erected in 1982 directly opposite the Cos Cob Metro North railroad station and adjacent to I-95, enjoys extraordinary views of Cos Cob Harbor and Long Island Sound. Its amenities include a two-level underground garage with controlled gate access, full-service cafeteria, central core atrium, 24-hour card-access security system and a standby power generation facility.
The seller, a joint venture of the Stolt-Nielsen Transportation Group, which has occupied the 31,500-square-foot top floor since the building was erected, will be vacating this space when its lease expires this summer. Cushman & Wakefield of Connecticut is exclusive leasing agent for the space.
Eugene A. Hoffman Management, Inc. is a New York City-based, privately- owned real estate investment and management firm, founded in 1912, which has been seeking to expand and diversify through acquisitions in the Metropolitan area.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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