Iconic Depression Era Property Changed into Upscale Office Building after Purchase
- May 04, 2016
Greenwich, Conn.—330 Railroad Avenue LLC, a partnership between Rich Granoff and Jeff Mendell, purchased a historic industrial building for $8.3 million. The transaction was mediated by Colliers International. The property, located at 330 Railroad Ave. in Greenwich, Conn., will be converted into a 3-story, 25,000-square-foot high-end office space with sustainable energy facilities.
“The seller was looking to consolidate its various locations to create efficiencies in its local footprint, while the buyer saw an opportunity to take a Depression Era industrial property with great infrastructure and transform it into something unique for the modern office market”, said Enzennio Mallozzi, Managing Director at Colliers International. Mallozzi, along with Colliers International Executive Managing Director Jeff Williams and Associate Hollis Pugh, represented both the seller and the buyer.
Renovations of the historic building at 330 Railroad Ave. are already underway and include new windows, HVAC system, electrical systems, elevator cabs, restrooms and new landscaping. The building will feature 12- to 14-foot ceiling heights, a rooftop with solar capabilities, backup generator, LED lights, and indoor and outdoor parking for 60 vehicles, while tenants will have private entrances. The upgrading process is slated to end in the last quarter of the year.
Granoff Architects already announced plans to relocate its headquarters into 8,000 square feet of the first floor at the historic building starting January 2017, leaving 17,000 square feet of space—including the entire top floor of over 12,000 square feet—available for lease to other businesses. The industrial structure, which was originally built as a maintenance and repair facility, has great transport infrastructure, as it is situated within walking distance of the Greenwich train station and just one block from Interstate 95. Equinox Health Club and Greenwich Avenue are also located nearby.
Colliers International Group Inc. provides a full range of services to real estate occupiers, owners and investors worldwide.
Image courtesy of Granoff Architects