Norwalk-based Marcus Partners today announced the acquisition of Westport’s 8 and 10 Wright St. office buildings as the company’s first investment in its newest fund, Marcus Capital Partners Fund II. The Westport Town Clerk’s Office said the price was $16.35 million.
The office buildings at 8 and 10 Wright St. overlook Westport’s center. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
The buildings, containing 84,000 square feet of office space, overlook Westport’s center. They were built in 1977 and last changed hands in 2007 at $32.25 million. (See WestportNow Oct. 30 2007)
“We see 8 and 10 Wright Street as being a classic situation where the existing property is substantially underutilizing its special place within a community,” said David Fiore, principal in charge of Marcus Partners’ Metro New York office in Norwalk.
He said Marcus Partners plans a comprehensive renovation to the building, investing about $4 million to provide new, enlarged windows, from just above the floor to ceiling, and redesign and upgrade of the landscaping, parking decks, lighting, paving, entrances, and signage on the site.
Marcus Partners owns, manages, or owns and manages more than 3 million square feet of commercial space out of its Norwalk office and more than 5 million square feet of commercial space overall along the East Coast, an announcement said.
“We have invested in this thriving part of the country for more than 20 years, and we look forward to further investments in the near future as we progress with our new Fund II,” said Paul Marcus, chief executive officer of Marcus Partners.
