Station Place
18-20 West Avenue
Darien, CT
ACQUIRED
September 1995
SQUARE FOOTAGE
19,000
TYPE OF BUILDING
Retail, Office
Located just a 45-minute train ride from New York City, Cambridge Hanover acquired Station Place in 1995. The building, which was in the process of foreclosure, was leased in its entirety to a predecessor of TD Bank, but had been cross-collateralized by a developer who had filed for bankruptcy. Cambridge Hanover both negotiated the pay-off of several tranches of debt and restructured the first lien, thereby releasing the borrower of his personal guarantees. Subsequently, Cambridge Hanover extended TD Bank’s lease, and later converted the building into a multi-tenant retail and office property with substantial renovations. The building is well positioned to capitalize on increased rents as the retail sector continues to dramatically improve in Darien’s business district. Tenants include the Lanphier Day Spa, a luxury salon and day spa, and the headquarters of Genesee and Wyoming, a $2.8 billion company that is a freight railroad service provider.
