Besen Partners Leases Connecticut Office Building

Bankwell Financial Group signed a 10-year lease for the entire property in New Canaan, which will serve as its headquarters.
258 Elm St.

An affiliate of real estate advisory firm Besen Partners has leased 258 Elm St., an office building in New Canaan, Conn., to Bankwell Financial Group. The tenant signed a 10-year lease for the entirety of the approximately 30,000-square-foot property, which will serve as the group’s headquarters.

Besen Partners acquired the three-story building in October of last year for $6.9 million, according to Yardi Matrix data. The property, which was originally completed in 1983 and received cosmetic upgrades in 2014, includes 100 parking spaces. Besen Partners affiliate New York City Management is handling operations.

Located in downtown New Canaan, an affluent suburb of New York City, the property neighbors the Metro North train station and is within 2 miles of Merritt Parkway. Besen Partners noted in a statement that the company originally planned to subdivide the building before the opportunity for a single-tenant lease with NASDAQ-listed Bankwell arose. Bankwell plans to house more than 100 employees at the location, with over 50 team members moving to the town.

Avison Young Principal and Managing Director Sean Cahill brokered the lease transaction. The brokerage recently arranged the sale of a 53,430-square-foot medical office building in Fairfax, Va. Tenants include medical practices such as Fairfax Convenient Care.