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Newmark is pleased to announce that it has completed three new retail leases at 159-165 Rowayton Avenue in Rowayton, Connecticut. Newmark’s Executive Managing Director Patricia Valenti and Senior Managing Director Jackie Pinyan-Durels represented property owners A. Ruth & Sons Real Estate Company in the transactions, totaling 5,418 square feet.
The building boasts a combined rentable building area of 9,300 square feet, and is in a prime retail location directly on the town’s scenic waterfront. These new leases mark a turning point in the property’s history - following comprehensive interior and exterior renovations, the once-unoccupied building started to attract new clients. Residential real estate firm Berkshire Hathaway, a Warren Buffet company, is relocating their local office into a 948-square-foot space before the end of the year. Melissa Graham Furniture, an interior design company with one-of-a-kind pieces and artwork now occupies a 970-square-foot space to showcase its collection, and an antiques and lifestyle accessories boutique established itself with the largest lease at 3,500 square feet.
“We were motivated by the challenge and dedicated to the area,” said Pinyan-Durels. “We saw real potential with the property.” After years of sitting vacant, Pinyan-Durels and Valenti successfully filled three of the four available spaces over the past six months, creating a small hub of home design and residential realtor services.
“When dealing with 159-165 Rowayton, we saw a unique opportunity to add value to the growing Rowayton market, and knew we could find the perfect tenants for the space,” added Valenti.
The three new businesses at 159-165 Rowayton Avenue are eager to establish a presence in the Rowayton community. “It is great to see the increase of activity in the market,” said Josh Ruth of A. Ruth & Sons Real Estate. “As primarily local residents, the tenants are all excited to be bringing their businesses to Rowayton, and I know their shops will be welcomed by the community.”
159-165 Rowayton Avenue has one 824-square-foot vacancy left available, which Valenti and Pinyan-Durels will continue to market for lease. The duo is also representing A. Ruth & Sons’ newly-renovated 1,000-square-foot retail space at 10 East Maple Street in the nearby downtown shopping district of New Canaan, Connecticut.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.