Gateway Office Park sells for $39 Million

Gateway Park Associates recently sold 777 West Putnam Avenue, in Greenwich, for $38,850,000, or approximately $300 per square foot. The property, known as Gateway Office Park, is a newly renovated class A office building with approximately 130,000 square feet of space. Current tenants include Marc Fisher Footwear and Musden Financial.

Recent renovations to the building were done by Landis Partners, and included a new glass and steel canopy, a new HVAC system, elevators, renovation of bathrooms, and a café and reception desk. Each floor underwent a gut demolition to complete the renovation and modernization of the building.

The property was purchased by Leonard Tannenbaum, head of Fifth Street Finance Corporation.  The company will fit up and occupy the remaining vacant space in the building. The state is providing $5 million in incentives to move the company from New York to Greenwich. Incentives include a $4 million loan from the Department of Economic and Community Development, $500,000 grant for job training, and another $500,000 grant to be used to install a fuel cell.