55 Post Road West
Westport, CT
Project summary
Partner: Homewood Real Estate Partners
Westport, CT
Total SF: 38,000
Partner
Homewood Real Estate Partners
Property
- Office
- 38,000 SF
Timing
December 2011 – Current
Opportunity
- Single tenant NNN leased building with below a market rent and 6+ years of remaining lease term at close
- Ability to assume an attractive in place loan
- Roof has glass atrium core that floods the building with natural light
- Easily divisible for multi-tenant re-leasing
- Located at the entry point to downtown Westport
- In place lease and in place loan created core returns with value add upside upon lease expiration
Value Add / Execution
- Planned vacancy allowed for seamless planning and design with an in place revenue stream to limit equity outlay
- Full building renovation commenced immediately upon tenant move out
- The renovation was completed in 2018 and included a new lobby, elevators, bathrooms, white boxed space and a re-paved/stripe parking lot
- Long term hold