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Tuesday, October 30, 2007

Wright Street Office Building Sold for $32.2 Million

The Westport View Corporate Center on Wright Street overlooking Westport’s center has changed hands for $32,250,000. WestportNow.com Image
One of two office buildings sold for $32,250,000 on Wright Street. File photo

The Prescott Group sold the 81,349-square foot property at 8-10 Wright St. to an institutional buyer, according to broker Cushman & Wakefield. The sale was originally listed on the WestportNow property transfers on Oct. 25.

Westport View Corporate Center consists of two buildings, 8 Wright St., which contains 55,285 square feet of office space on three floors, and 10 Wright St., which contains 26,064 square feet of office space on two stories.

Built in 1977, the property has been extensively renovated over the past five years, according to Cushman & Wakefield.

Westport View Corporate Center is 98.5 percent leased to a tenant roster that includes AXA Equitable Life, Northwestern Mutual, Save the Children, and Marriott International, the company said.

“This was an excellent opportunity for the seller to take advantage of the favorable capital markets in the highly sought after Fairfield County office market,” said Andrew Merin, vice chairman of Cushman & Wakefield.

“Westport is one of the most desirable submarkets in this region.”

“The completion of this transaction demonstrates the strength and demand for commercial real estate in Fairfield County,” said Jim Fagan, head of Cushman & Wakefield’s Fairfield and Westchester County region.

“The building was on the market for a relatively short amount of time and the offering attracted a substantial amount of interest from regional and national private and institutional investors.”


Posted 10/30/07 at 09:50 PM  Permalink


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