Wednesday, December 07, 2022

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Wright Street Office Buildings Sell for $30 Million

The office buildings at 8 and 10 Wright St. overlooking Westport’s downtown have changed hands for more than $30 million, almost double the purchase price five years ago.

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The office buildings at 8 and 10 Wright St. overlook Westport’s center. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

The seller, Boston-based Marcus Partners, said it invested more than $5 million in a large-scale capital improvement program in the buildings, including renovation and upgrades of the lobbies and all common areas. The Town Clerk’s Office said the sale was recorded on June 28 for $30,021,500.

Marcus Partners said the property is currently 94% leased and consists of two office buildings totaling 83,964 square feet. The buyer was identified as WFF Westport TT LLC, a Boston-based firm of Waterway Capital, LLC, according to the sale documents.

Tenants at 8 & 10 Wright Street include: UBS, Regus Corporation, Berkowitz, Trager & Trager, Energy Income Partners, and Ameriprise Financial, among other boutique financial services firms.

“This property’s success is a strong example of our value-add strategy to invest in premium locations and execute upgrades and modernization to create highly desirable new class A space,” said David Fiore, Marcus Partners’ Metro New York regional director.

“8 & 10 Wright Street went from 58% to 94% leased under our stewardship.”

Marcus Partners purchased the properties in 2014 for $16.35 million. The buildings were built in 1977 and before the 2014 sale, they last changed hands in 2007 at $32.25 million.

The team of Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group represented the seller. CBRE also procured the buyer, an announcement said.

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