Apollo buying Greenwich office for $200M

You know what they say about a live-in landlord.

Marc Rowan’s Apollo Global Management is buying the Greenwich building where the private equity firm is opening its new Connecticut office for more than $200 million, sources told The Real Deal.

Apollo is in contract to buy 100 West Putnam Avenue from Rockpoint Group. The company is opening an office in the building as it expands its footprint outside New York “as part of a broader strategy to continue to attract and retain top talent,” company spokesperson Joanna Rose wrote in an email.

The company’s new locations include Greenwich, Miami and West Palm Beach.

The roughly 155,000-square-foot building is considered Greenwich’s premiere office address. Tenants include UBS, JP Morgan, Strategic Value Partners and AXA.

Rowan personally worked to negotiate the deal alongside Phillip Mintz and Nick Doering Dorival, partners in the company’s real estate arm. Eastdil Secured brokered the sale.

A representative for Rockpoint declined to comment. The Boston-based firm, headed by CEO Keith Gelb, purchased the property in 2018 for $130 million.

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Greenwich saw a pop in office demand during the pandemic as office workers stayed away from Manhattan skyscrapers. That demand drove up rents and even led to bidding wars for top spaces.

Manhattan-based firms led the area’s growth. In addition to Apollo, Elliott Management was among a slew of asset managers and private equity firms that scoped out spaces in a market long known for its high concentration of hedge funds.