Shelbourne Lands Coworking Lease Expansion in Connecticut
Flexible office provider Stark Office Suites has extended and expanded its lease at 777 W. Putnam to 23,538 square feet of coworking space in Greenwich, Conn. The landlord, Shelbourne Global Solutions, was represented by Newmark in the transaction.
The tenant expanded its footprint in the building by 5,722 square feet, having previously occupied 17,772 square feet at the location. Shelbourne acquired the 134,000-square-foot building in 2022 from Fifth Street Asset Management for $48.5 million, according to CommercialEdge data. In 2023, the asset became subject to a $23.5 million loan from Digital Federal Credit Union, the same source shows.
Completed in 1976, the property underwent a cosmetic renovation in 2011. It rises three stories and features 44,000-square-foot floor plates. Recently, Shelbourne completed another extensive capital improvement program. Amenities at the building include a café, outdoor patio and on-site management. Other tenants at the property are Marc Fisher Footwear and The Richman Group.
Located off Highway 1, the property at 777 W. Putnam Ave. is on the border between New York State and Connecticut and roughly 34 miles north of New York City. It is also some 6 miles from the Westchester County Airport and less than 3 miles from the Greenwich Hospital.
An expansive national CRE portfolio
Newmark Executive Vice President & Managing Director James Ritman, along with Managing Director Benjamin Goldstein, represented the landlord in the transaction.
New York-based real estate company Shelbourne Global Solutions owns and manages more than 8 million square feet of commercial real estate across various asset types, totaling a $1 billion national portfolio. Recently, the firm acquired the Plaza of The Americas, a 1.2 million-square-foot office property in downtown Dallas. Newmark was also involved in this transaction, representing the seller.
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