Darien’s Baywater Leases Rye Property

Baywater TN 411 Theodore Fremd, LLC, a joint venture between Baywater Properties of Darien, True North Management Group of White Plains, New York, and WillKen Investments of Rye, New York announced today the completion of leasing of 411 Theodore Fremd Avenue in Rye, New York.

After acquiring 411 Theodore Fremd Avenue in Rye in July 2012, the new ownership group completed a major renovation of the building’s common areas, mechanical systems, and landscaping. A new, state-of-the-art fitness center in the building was also installed. At the time of the acquisition, the building was 55% leased. With a series of leases completed in the 4th quarter of 2014, 411 Theodore Fremd is now 100% leased. Jones Lang LaSalle, lead by Chris O’Callaghan, served as leasing advisors to the joint venture.

David Genovese, CEO of Baywater Properties, commented “we are delighted with the response of the market to our work at 411 Theodore Fremd Avenue and our team’s hands-on approach to management. We believed strongly in the potential of 411 Theodore Fremd, and the market confirmed our hypothesis that a well-designed building, managed proactively, could perform well in the Westchester County office market. Rye is an extremely desirable place to conduct business, and 411 is very well-positioned given its proximity to downtown Rye, the Harrison Metro North Train Station, and I-95”.

Since the time of the acquisition in the summer of 2012, the joint venture signed the following leases within the building:

  • The Gap Partnership, new lease of 5,421 square feet
  • Ospraie Management, new lease of 3,703 square feet
  • Regus Business Centers, expansion and renewal of 19,102 square feet
  • iCrowd , new lease of 1,572 square feet
  • Dunes Point Capital, new lease of 2,486 square feet
  • Ross Greenburg Productions, new lease of 1,400 square feet
  • US Alliance Federal Credit Union, new lease of 13,974 square feet
  • Acadia Realty Trust, new lease of 29,322 square feet
  • EverBank, new lease of 2,163 square feet
  • ELK Homes, expansion and new lease of 2,915 square feet
  • Waldner’s, relocation and new lease of 3,161 square feet
  • Kennebec Resources and First Roebling Properties, new lease of 449 square feet
  • KC Financial, new lease of 1,000 square feet
  • Health Alliance Network, new lease of 971 square feet
    • Chris O’Callaghan, Managing Director of Jones Lang LaSalle, said “the success of 411 Theodore Fremd Avenue in Rye, in a Westchester office market that had sluggish leasing activity in 2014, gives credence to strength of ownership. Baywater Properties, True North and Frank Kenny made a financial commitment to the buildings infrastructure that provided us with the ability to compete for some the most discerning tenants in the region.”

      Girard Tunney, Principal of True North Management Group and a Harrison resident noted “we are absolutely thrilled to be invested in such a high quality asset alongside Baywater Properties and Frank Kenny. The Baywater team’s approach to management will continue to turn heads in the market and allow us to continue to build a platform for success in Westchester County and Fairfield County. On a personal front, it is especially satisfying for me to have contributed to attracting commerce and high quality jobs that will have a positive economic contribution to the Rye/Harrison community.”

      Baywater Properties is a full-service commercial real estate company serving Fairfield County, Connecticut, and Westchester County, New York. Baywater owns and actively manages a portfolio of commercial real estate assets totaling approximately 700,000 square feet. True North Management Group, founded in 2004 by Richard Gunthel and Paul Turovsky, is a privately held real estate investment management firm headquartered in White Plains, New York. Since inception, the firm has successfully completed more than 50 distinct debt and equity investments with more than $700 million in transaction value involving office, retail, hospitality, multifamily and other property types throughout the United States. True North currently has ownership interests in approximately 4.5 million square feet of office properties.