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.
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.
About Besen Partners:
Founded in 1988, Besen Partners is a leading NYC-based real estate firm that provides real estate advisory, brokerage and management services. Bringing institutional quality real estate solutions to high-net-worth individuals, families, trusts, funds, foundations, and other private investors, Besen’s executive team has been instrumental in the direct purchase, financing, development, asset management and sale of over $5 billion in commercial property assets and has an impressive track record in partnering and co-investing equity with prestigious financial institutions and private investors. Besen’s brokerage division has been named a Top NYC Brokerage Sales Firm by CoStar Research for over 16 years. Its team has brokered the sale of over $7 billion in real estate transactions. NYC Management (Besen’s property management affiliate), has managed over 4 million square feet of commercial assets.