545 Long Wharf Drive, New Haven, CT 06511
545 Long Wharf Drive
Newmark Knight Frank (NKF) Capital Markets has been retained as the exclusive advisor for the sale of the fee interest in 545 Long Wharf Drive in New Haven, CT (“Property” or “"Asset”). The Asset is a 245,389 SF, nine-story class A office building situated on 1.52 acres with unobstructed views of the Long Island Sound. The Property is currently 40% leased and previously served as AT&T's corporate office space until 2017. The Building presents a unique opportunity for an investor to benefit from in place cash flow, while simultaneously allowing for significant value enhancement through lease-up of the remaining vacant space and opportunity zone tax benefits.
Located at the confluence of I-95 and I-91 and situated along the Long Island sound, 545 Long Wharf offers immediate accessibility to downtown New Haven’s “live/work/play” environment while also providing tenants unobstructed waterfront views. The Property is located less than a mile from Union Station, providing access to New York, Boston and Hartford, and within two miles of Yale University.
High-Quality Office Space Drives Demand
High-quality office assets continue to command a disproportionate amount of leasing activity in the New Haven market. Over the past 5 years, the vacancy rate in premium office buildings has decreased 6 percent, while the vacancy rate in lesser quality office buildings has increased by 8 percent. With limited competing supply, the Asset is positioned to benefit from strengthening market fundamentals and increasing demand for high quality office space.
Scarcity of Competing Large Blocks of Space
New Haven's improving economy and corresponding increase in demand has resulted in a diminished supply of large blocks of quality office space. The subject property is the only high-quality office building in New Haven that has contiguous space of over 25,000 SF on one floor.
Desirable Waterfront Location
The Property is one of two office buildings in New Haven that offer unobstructed views of the Long Island Sound.
New Haven's Start Up Culture
New Haven continues to be a leader in Connecticut’s startup culture. Nestled between New York and Boston, students and entrepreneurs have access to a variety of resources to propel the growth of business and academia alike. In 2018 Connecticut experienced a 3.2 percent increase in patents awarded to investors based in the state, while overall U.S. patent awards decreased by a similar margin over the same period, according to New Haven-based IFI Claims Services.
Property tours are available by appointment on the dates below. Please contact Cory (firstname.lastname@example.org / (203) 531-3626) or Alex Haendler (email@example.com / (203) 531-3637) to schedule a tour.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
c/o Fisher Auction Company Inc.