The four-story, 44,454-square-foot former People’s United Bank building in Waterbury is on the market, as owner Mark Greenberg looks to slim his portfolio.
Greenberg, 69, said he is selling some of his portfolio to maintain a tighter focus on remaining properties and projects. The prolific investor/developer is the named principal for a limited liability company that bought the building in 1995 for $3.1 million.
People’s United had maintained a retail branch, commercial loan offices and an investment office in the building, leasing about 40% of the building according to Greenberg. People’s United withdrew several years ago, well before the bank’s acquisition by larger M&T Bank.
The 1986-vintage building is fully occupied, Greenberg noted. Current tenants include a Pullman & Comley branch office, a state Department of Transportation project office, Community Mental Health Affiliates, Security First Insurance Group, JCSmith Advisors and others.
The building is located on six-tenths of an acre at one edge of downtown Waterbury, in an area the city is investing in upgraded utility infrastructure and streetscape, with an adjacent parking garage and immediate access to Interstate 84 and Route 8.
The auction through broker Ten-X Commercial Properties will launch Sept. 18 with bidding starting at $1 million.
“I expect a lot of attention,” Greenberg said. “The cash flow is very good. It’s in a very good location. The office market has taken a terrible hit due to COVID but this building is probably the best in Waterbury for a lot of reasons. When you have the best, there will be a lot of interest.”
