10/16/2019

Besen Partners Announces First Acquisition of New Investment Program

 

NEW YORK--(BUSINESS WIRE)--

 

Besen Partners LLC is pleased to announce the acquisition of 258 Elm Street in New Canaan, Connecticut. Located in one of the most desirable and prestigious suburban residential communities in the Tri-State area. The 3-story office building, which was previously 100 percent owner-occupied, includes approximately 30,000 square feet and is adjacent to the Metro North train station with direct access to Grand Central Terminal in New York City.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191016005169/en/

 

258 Elm Street represents the first acquisition in Besen’s targeted investment strategy to acquire quality office buildings in supply constrained upscale neighborhoods that have the ability to cater to smaller tenants whose office locations are primarily determined by convenience to area amenities and housing.

 

“The Elm Street property fits our strategy perfectly,” said Daniel J. Steinberg, Chief Investment Officer for Besen. “The affluence of New Canaan coupled with the strong real estate fundamentals make this a perfect property for our program.”

 

Besen’s affiliate, New York City Management, which presently manages more than 180 residential and commercial properties for its clients, will manage the New Canaan property.

 

Avison Young’s Fairfield/Westchester offices will be marketing the property to prospective tenants and negotiating leases for the office space. “This building has several unique attributes that will appeal to businesses seeking office space,” said Sean Cahill, Principal and Managing Director of Avison Young. “This 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,” Cahill said.

 

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