Two Westport office buildings have changed hands in the past week, one for $9 million and one for $8.5 million in another sign of an up tick in the commercial real estate market.
The office building at 500 Post Road East sold for $9 million, almost $2.6 million less than the purchase price in 2005. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
The 35-year-old building at 500 Post Road East, former home of Terex Corp. across from Westport Fire Headquarters, was purchased for $9 million by Stamford-based Fred F. French Investing LLC from Lemle Westport LLC, according to the Town Clerk’s Office.
Lemle Westport LLC purchased the 38,000-square foot building in 2005 for $11.575 million, according to the Tax Assessor’s database. Terex moved its headquarters to the Nyala Farms office complex in 2006. (See WestportNow July 25, 2006)
The other sale involved 55 Post Road West which was sold by 55 Post Road West LLC to Homeclear PRW Ventures, LLC for $8.5 million. The three-story, 34,325-square foot structure built in 1971 was purchased by 55 Post Road West LLC in 2006 for $6 million, according to town records.
CB Richard Ellis, which represents the seller of 500 Post Road East, said the building is fully leased.
The office building at 55 Post Road West sold for $8.5 million, $2.5 million more than it sold for in 2006. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
“500 Post Road East provides Fred R. French with stable income and potential upside upon lease expiration, when existing rents should be well below market rents,” said Jeffrey Dunne, of CBRE’s New York office.
He said Westport’s class A vacancy has dipped below 10 percent—50 percent better than competing business centers in Fairfield County.
