An affiliate of Besen Partners, LLC, a New York-based full-service real estate advisory firm, has purchased an office property at 258 Elm Street in New Canaan, CT for $6.9 million. The three-story, 30,000-square-foot property is adjacent to the Metro North train station in one of the Tri-State’s most affluent suburban communities. The building was previously 100 percent owner-occupied by minerals exporter, Covia Canada.
“This acquisition is the first in a targeted investment strategy to acquire office buildings in supply-constrained areas,” points out Daniel J. Steinberg, Besen Partners’ Chief Investment Officer. “Our focus is on properties that cater to smaller tenants whose locations are primarily determined by convenience to area amenities and housing. The affluence of New Canaan, coupled with the strong real estate fundamentals, made this a perfect start to our program.”
Besen Partners affiliate New York City Management, which manages more than 180 commercial and residential properties in the Tri-State region, will manage 258 Elm Street.
Avison Young’s Fairfield/Westchester office has been tapped as the exclusive leasing agent for the property. Adds Sean Cahill, Avison Young’s Principal and Managing Director, “The building has several unique attributes that will appeal to businesses seeking office space. It is the first time this building and its quality space have been available and there is a strong demand for office space in this submarket.”
About Besen Partners, LLC
Founded in 1988, Besen Partners is a leading NYC-based real estate firm that provides real estateadvisory, brokerage and management services. Bringing institutional quality real estate solutions to high-net-worth individuals, families, trusts, funds, foundations, and other private investors, Besen’s executive team has been instrumental in the direct purchase, financing, development, asset management and sale of over $5 billion in commercial property assets and has an impressive track record in partnering and co-investing equity with prestigious financial institutions and private investors. Besen’s brokerage division has been named a Top NYC Brokerage Sales Firm by CoStar Research for over 16 years. Its team has brokered the sale of over $7 billion in real estate transactions. NYC Management (Besen’s property management affiliate), has managed over 4 million square feet of commercial assets. www.besenpartners.com.
