Westchester-Based Investor Buys Westport Building

SCARSDALE,NY-GHP Office Realty reports that it has closed on the acquisition of 1221 Post Rd. East (Carriage Hill North) in Westport, CT. The real estate firm would not release the purchase price for the 35,000 sf class A building.

The two-story building is 100% occupied, according to Andrew M. Greenspan, a principal of GHP Realty. The deal marks GHP’s sixth building acquisition since it was formed late last year. The company’s principals are veteran realtors and mortgage brokers James J. Houlihan Jr., James G. Houlihan and Howard Parnes of Houlihan/Parnes Realtors of Scarsdale. Greenspan was vice president of acquisitions for Mack-Cali Realty’s Westchester/Connecticut office and its predecessor company Robert Martin Co. of Elmsford before helping form GHP Realty.

The partnership now has a portfolio that totals approximately 500,000 sf of office and office/flex buildings located in Fairfield County, CT, Westchester and Rockland counties in New York and Bergen County, NJ.

Greenspan says that the purchase of 1221 Post Rd. was a strategic buy. He notes that despite rents that have soared to as high as $50 per sf at some properties and a shortage of class A office space in town, there is virtually no new construction to meet the demand. He adds that due to the scarcity of quality space in this prime submarket of Fairfield County, the property will make an excellent investment.