Colliers Orchestrates $3.5M Trade of Greenwich, Conn., Office Asset

STAMFORD, Conn. - Aug. 16, 2016 - PRLog -- Colliers International Group Inc. (http://www.colliers.com/en-us/newyorkcity) has orchestrated the trade of 5 River Road, a 10,000-square-foot waterfront office asset in Greenwich's Cos Cob neighborhood. Michael Siegel, an executive managing director,  Enzennio Mallozzi, a managing director in the global commercial real estate services firm's Stamford, Conn., branch, represented the seller and procured the buyer in the $3.5 million transaction.

The buyer purchased the building and assumed a 999-year land lease for the .74-acre site from long-time owner/occupant Sanko Kisen USA Corp. The two-story, contemporary building is part of a mixed-use complex that sits on Cos Cob Harbor. Built in 1982, it is located less than a half-mile from the Cos Cob train station and just minutes from I-95, near abundant retail, dining, entertainment and water amenities.

"This is an attractive location in an area recognized for its affluent demographics," Mallozzi said. "The offering received multiple inquiries as soon as it came to market, and we had accepted the buyer's offer within three weeks." Mallozzi noted that interest in 5 River Road came from a range of potential owner/occupiers, as well as private investors.

Situated on the northern shore of Long Island Sound, Greenwich is a prestigious market that commands leasing rates and property values at the highest end of the range throughout Fairfield County and the United States, according to Mallozzi. "Greenwich offers a select inventory with a blend of standard and unique options," he said. "Its proximity to Stamford, Westchester County, and New York City, and a lack of land suitable for expansion adds to the area's appeal for investors on a regional, national, and international platform."