Heritage Realty Services to Seek LEED Rating for 200K S/F Commercial Property in Greenwich

After its recent $200 million acquisition, a New York City real estate firm will pursue a LEED rating for capital improvements that it hopes will yield rents in the $150 per square foot range.

New York City-based Heritage Realty Services recently purchased 200,000-square-foot 600 Steamboat Road in Greenwich, Connecticut for $200 million. The deal is scheduled to close this fall and Heritage plans to upgrade a variety of building systems, among other renovations. The 36-year-old waterfront property sits adjacent to Greenwich Harbor and includes a 600-space parking garage and a 350-foot-long floating dock.

Architects Roger Ferris and Partners are supervising the project and will seek an unspecified level of LEED certification for the upgrades. Greenwich-based Gladstone Real Estate is banking on asking rents of $150 per square foot in light of recent local deals and 660 Steamboat Road’s location near I-95, the Northeast Corridor train line, and waterfront access. The town assessed the property’s value at $152 million back in 2005, and Heritage is purchasing it from from Gen Re, a subsidiary of Berkshire Hathaway.

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