NEW YORK – ClearRock Properties, a prominent owner/operator of office properties in the New York metropolitan area, announced that it has acquired 75 Holly Hill Lane in Greenwich, CT in a joint venture with Artemis Real Estate Partners (Artemis), and has hired Cassidy Turley, a leading commercial real estate services provider in the U.S., as leasing agent. Michael Norris, Managing Director, Principal of Cassidy Turley will lead the leasing efforts.
ClearRock Properties and Artemis purchased the three-story, 101,394-square-foot office building from CWCapital, a special servicer, in May. In addition to hiring Cassidy Turley as leasing agent, the venture has also hired Lincoln Property to manage the property, and architect MKDA to oversee a major capital improvement program that will include building systems, cosmetic upgrades and a pre-built suites program.
"75 Holly Hill Lane is a fantastic property that we are proud to add to the ClearRock portfolio," said Doug Winshall of ClearRock Properties. "The property is one and a half miles from downtown Greenwich, with easy access to New York City via Interstate 95 or Metro-North Railroad. We have assembled a stellar team to complete our capital improvement program and re-introduce the property, which has been dormant for the last couple of years, to the tenant and brokerage community."
Located minutes from downtown Greenwich, 75 Holly Hill Lane is well located near great shops and restaurants. It has a covered drop-off area, a manned concierge desk, over 350 parking spots (300 of which are underground with direct access to all floors) and a newly renovated three-story atrium lobby. A contiguous block of 85,000 square feet is available, as well as full floors and smaller divisions of 3,000 to 15,000 square feet.
"This is a top-notch property located in one of the most exclusive submarkets in the country," said Mr. Norris. "We are excited to be able to represent a quality owner like ClearRock Properties. Once renovations to the building and landscape are underway, our comprehensive leasing campaign will begin. We are looking forward to the renovations being complete and ramping up our marketing in the fall."
About ClearRock Properties
Founded in 2009, ClearRock Properties is a real estate investment, development and operating firm focused on urban and suburban office properties across the risk spectrum, with a strategic plan to add value through proactive management. Led by Doug Winshall and Steve Grant, the firm’s principals have over 40 years of experience in acquisitions, leasing, asset management, property management and construction. ClearRock’s extensive network of relationships, local knowledge, and integrity are the hallmarks of its success in adding value to office properties across cycles and markets.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with The New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals across the globe. Please visit www.cassidyturley.com for more information about Cassidy Turley.