Bradford Allen Acquires Connecticut Office Portfolio

1 Lafayette & 1 E. Putnam. Image courtesy of CBRE

Bradford Allen Investment Advisors, a subsidiary of Chicago-based Bradford Allen, has acquired a two-building, Class A office portfolio in Greenwich, Conn. A joint venture between Global Gate Capital and Lincoln Property Co. sold 1 Lafayette Place and 1 E. Putnam Ave. CBRE brokered the transaction.

The transaction marks the buyer’s first New York-area acquisition. In September, Bradford Allen expanded its office footprint with the purchase of 701 San Marco, a 19-story Class A office tower in Jacksonville, Fla.

A Class A office portfolio

CommercialEdge data shows that the portfolio previously changed hands in 2019 for $57.5 million. The fully leased assets, totaling 90,268 square feet, are part of the Greenwich CBD, featuring an array of dining and retail amenities.

In a prepared statement, Dunne mentioned that the pair of buildings and its institutional-quality tenants provide a robust NOI for the new owner. With existing rents in the portfolio currently 15 percent below market value, Bradford Allen is planning to grow rents in future years, he added.

CBRE Vice Chairman Jeffrey Dunne, Senior Vice President Steven Bardsley and Senior Financial Analyst Travis Langer represented the seller and procured the buyer.

According to a Cushman & Wakefield report, the Greenwich CBD submarket witnessed an increase of office leases in the last two years, lowering its vacancy to 5.8 percent—outperforming all other Fairfield County submarkets.