Newmark Arranges $65 Million Sale of Greenwich Medical Center at Holly Hill to Healthcare Realty
Benedict Realty Group has sold Greenwich Medical Center at Holly Hill, a 106,092-square-foot Class A outpatient medical campus at 75 Holly Hill Lane in Greenwich, Connecticut, to Healthcare Realty for approximately $65 million, Newmark announced Sept. 2, 2026. The transaction implies a price of roughly $613 per square foot.
Property and Transaction Details
The campus was renovated in 2016 and is 97% leased to a diversified roster of healthcare providers. The property is anchored by Yale New Haven Health and Stamford Health and functions as a primary outpatient destination within Fairfield County's healthcare corridor. Situated along West Putnam Avenue — U.S. Route 1, locally known as Greenwich's "Doctor's Row" — the asset sits in close proximity to Greenwich Hospital and other major healthcare facilities.
Newmark's team represented Benedict Realty Group in the sale. Co-Heads of U.S. Medical Office Capital Markets Ben Appel, Justin Shepherd, and Jay Miele, U.S. Head of Medical Office Debt John Nero, Senior Managing Director Michael Greeley, and Associate Directors Ron Ott, Conor Hilton, and Drew Martin handled the assignment.
What Drove Buyer Demand
Ben Appel pointed to Greenwich's market characteristics as a key factor in generating broad investor interest. "Greenwich has a cache that outshines most U.S. markets, attracting both private and institutional interest from domestic and abroad," Appel said. "Further, this is a market that features high, and growing, rents and very tight occupancies across both the medical and corporate office market, resulting in very strong long-term performance. The confluence of these characteristics resulted in a very deep buyer pool."
The property's location in a supply-constrained submarket with affluent demographics and strong regional connectivity reinforced its appeal to institutional capital. The asset's health-system anchors — Yale New Haven Health and Stamford Health — and its position along an established medical corridor added further stability to the investment profile.
Medical Office Market Context
The Greenwich transaction reflects sustained institutional appetite for high-quality outpatient medical assets. Medical office building absorption across the top 50 U.S. markets reached 3.8 million square feet in the first quarter of 2026, up 71% year over year, pushing sector occupancy to 92.5%. A separate industry outlook placed top-100-metro medical office occupancy at a cyclical high of 92.7% in the second quarter of 2025, supported by limited new construction and growing outpatient demand.
Against that backdrop, Greenwich Medical Center at Holly Hill's 97% occupancy, recent renovation, and health-system tenancy position it at the upper end of the market. The combination of scarce replacement supply in Greenwich and strong underlying fundamentals contributed to the competitive buyer pool Appel described.
About the Parties
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm operating from more than 185 offices with over 9,600 professionals across four continents. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. Healthcare Realty is the buyer of record for the Greenwich asset. Benedict Realty Group was the seller.
Sources
Newmark Press Release — $65 Million Sale of Class A Greenwich Medical Center, Sept. 2, 2026