Newmark Secures 23,538-Square-Foot Lease Extension and Expansion at 777 West Putnam for Stark Office Suites

April 3, 2024 9:00 AM

Newmark announces it has secured a 23,538-square-foot lease extension and expansion for Stark Office Suites at 777 West Putnam in Greenwich, Connecticut. Stark Office Suites offers premium office suites for professionals and entrepreneurs seeking flexible workspace. The transaction encompassed a long-term extension of its existing 17,772-square-foot space and expanded its footprint by 5,772 square feet.

Newmark’s Executive Vice President and Managing Director James Ritman and Managing Director Benjamin Goldstein, secured the lease on behalf of ownership, Shelbourne.

“This transaction is a direct reflection of the demand we continue to witness within the Greenwich office market, which has maintained some of the highest demand in the country since the onset of the pandemic,” said Goldstein. “The lack of top-tier co-working or flex spaces in the area was a key driver behind Stark Office Suites’ decision to expand.”

777 West Putnam Avenue is a 134,000-square-foot asset along Route 1 with convenient connectivity to Interstate 95 and two Metro-North Railroad train stations—Greenwich and Port Chester. The building is near downtown Greenwich, an amenity hub featuring pedestrian-friendly thoroughfares lined with street-level retail, restaurants and outdoor seating.

Ownership recently completed first-class capital improvements at the site, introducing an entirely new lobby and reception area, new security and tenant management systems, a new café food offering, communal corridors and outdoor area, elevator landings and entrances from the garage. Notable tenants in the building include Marc Fisher Footwear and The Richman Group.

Shelbourne is a New York-based company that owns and manages over eight million square feet of commercial real estate, totaling over $1 billion worth of assets. Shelbourne’s strategy and approach have been to obtain private equity investors to acquire Class A office buildings that are opportunistic and high-yielding in secondary and tertiary markets. The firm has recently branched into mixed-use multifamily acquisition and redevelopment in Hartford, Connecticut.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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