Our real estate portfolio now includes an office building with the acquisition of a 71,000-square-foot property at 9 Old Kings Highway South in downtown Darien.
The three-story structure is a Class A office building that is located within walking distance of the town’s Metro North train station and is less than a block from Interstate 95. The building is the only office property in Darien that employs a full-time doorman and also has a generator that will provide power to the building if electricity is out during severe weather.
We will be setting aside a substantial budget for capital improvements, which will include work on the common corridors, the entrance to the building, and the overall modernization of the building.
Nearly 85 percent of the building is currently occupied by six tenants. Portfolio Advisors occupies the most space in the building, followed by Alter Domus. Other current tenants include Goodnow Investment Group, Tulane Endowment, Michael Allen, and Northern Right Capital. All of the current tenants will remain in the building.
In the future, we will move our office into the building. We will also have a new tenant – CoreOne Industrial of Norwalk – will begin leasing space in 2023.