Healthcare Realty Picks Up New York City MOB
The asset last traded in 2017 for half its current price.
Healthcare Realty has acquired Greenwich Medical Center at Holly Hill, a 106,092-square-foot outpatient medical campus in Greenwich, Conn. Benedict Realty Group sold the asset for $65 million, in a transaction brokered by Newmark.
Benedict Realty Group had previously purchased Greenwich Medical Center in 2017 from ClearRock Properties for $33.8 million, or $321 per square foot, according to Yardi Matrix information.
As the U.S. aging population demographic increases, so does the demand for medical office properties, boasting strong fundamentals across the sector. Over the course of 2025, investments amounted to $11.3 billion, almost in line with 2024’s $12.3 billion figure.
A medical office campus on Doctor’s Row
Completed in 1979 at 75 Holly Hill Lane, the medical office campus underwent complete renovations in 2016. Rising four stories, the property features two passenger elevators and a 353-spot parking area. Yale New Haven Health and Stamford Health anchor the property, which was 97 percent leased at the time of the sale.
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Just off U.S. Route 1, the campus is situated along Greenwich’s “Doctor’s Row”, within 2 miles southwest of the Greenwich Hospital. The property is in proximity to Interstate 95, which connects the area to Stamford, Conn., some 7.5 miles northeast.
Newmark’s team that brokered the deal on behalf of the seller was led by Vice Chairmen Ben Appel, Justin Shepherd, Jay Miele and John Nero, Senior Managing Director Michael Greeley, Associate Directors Ron Ott, Conor Hilton and Drew Martin and U.S. Co-Head of Capital Doug Harmon. Newmark ranked fourth in a recent listicle for top commercial real estate brokerage firms in the U.S., having brokered commercial building sales amounting to $70.3 billion over the course of last year.
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