Darien-based Baywater Properties and WillKen Investments of Rye, N.Y., announced that they have formed a joint venture with True North Management Group to acquire 411 Theodore Fremd Avenue in Rye, a 112,000 square foot office building, for $10.8 million.
“We have been talking with Frank Kenny and Willett about various joint venture ideas over the last few years, and we are excited to begin working with Frank in Rye,” said David Genovese, founder of Baywater. “411 Theodore Fremd is a high quality asset in a high barrier to entry market, which we think has very similar characteristics to the other markets we have been investing and operating in over the last 10 years…”
The partners plan to invest significant sums in a renovation of the lobbies, common areas, and amenities at the Theodore Fremd building, similar to their business plan at 450 Post Road in Westport. The partners also plan to offer tenants turnkey real estate solutions for their office space needs.
Girard Tunney, a principal of True North and a Rye area resident, said he was pleased to be involved in this investment with Baywater. “We are extremely pleased to be involved in acquiring a high quality, well located asset with an operating partner that we know has the expertise to position the asset well in the marketplace,” Tunney said.
Frank Kenny, principal of WillKen Investments, said he was excited to be partnering with True North and Baywater. “I believed in 411 Theodore Fremd Avenue when my firm and original partners acquired it in 2005, and I continue to believe in the Rye market and this building.”