Under the ownership of Antares, the 154,000 square-foot landmark property, formerly known as the US Tobacco Building, reached "lease-up" status a year ahead of company projections. Joseph Beninati, Antares Managing Partner said, "One Hundred West Putnam, acquired just 12 months ago at well below replacement cost, will produce the highest cash flows per foot of any commercial office building in the United States."
To take advantage of substantial cash flow, Antares has put in place long- term debt on the building with very low and stable interest rates. The nearly $16 million of property cash flow will produce approximately two times the annual interest cost at 100 West Putnam.
Specific credit tenants could not be named under the terms of their leases.
Situated majestically in the heart of the Greenwich business district on three acres of landscaped property, One Hundred West Putnam rises four stories with soaring views of the Long Island Sound.
John Wheeler, President of the Antares services and investment division said, "The irreplaceable property is being completely redeveloped with a majestic four-story glass atrium and lobby by award-winning architects Perkins Eastman. The new construction, also proceeding ahead of schedule, establishes One Hundred West Putnam Avenue as the commercial office focal point of the Greenwich landscape."
"I grew up working at this property during summer jobs, and to see its rebirth as the most architecturally distinctive and sought after office building in town is really a testament to how attractive Greenwich has become as a place to both live and work," said long time Greenwich resident and Antares Co-Founder James Cabrera.
"We greatly appreciate all the hard work of the Town of Greenwich to keep this project on schedule so that the town can continue to attract the world leading financial institutions that produce solid and high paying jobs for the local economy," said Frank Janos, president of the Antares construction division that is leading the development.
"One Hundred West Putnam is another major victory in an already distinguished Antares track record for creating massive real estate value in their projects," said Bruce Mosler, Chairman and CEO of Cushman & Wakefield. "C&W is excited to be working with Antares to bring more global leading companies into their groundbreaking office development at Harbor Point on the Stamford waterfront as C&W knows we can count on Antares to provide Class A + buildings on schedule and on budget."
Antares Investment Partners is a vertically integrated real estate development and private equity firm based in Connecticut. Antares was founded in 1996, employs approximately 100 professionals and has more than $6 billion of assets and projects under management, totaling nearly 10 million square feet. The firm maintains long-standing capital relationships with leading global financial institutions.
To learn more about One Hundred West Putnam, please visit http://www.100WestPutnam.com. For more information about Antares Investment Partners, please visit http://www.antaresrealestate.com.
SOURCE Antares Investment Partners
http://www.antaresrealestate.com
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