In announcing the sale, David Fiore, senior VP of Davis, stresses that the JV will maintain the ownership of the fully approved development parcels for Two Reservoir Corporate Center (156,000 sf) and Three Reservoir Corporate Center, which will total 85,000 sf when built. Davis officials maintain that the firm is in active discussions with prospective tenants for those buildings.
A CB Richard Ellis investment team led by Jeff Dunne represented the seller in the transaction and also procured the buyer. "I think both parties felt that it was a fair price, especially for a new building," Dunne comments.The lead partner for the new owner Reservoir Corporate Group LLC is Mark Rubenstein, an attorney and real estate investor based in Westport, according to Dunne. Rubenstein could not be reached for comment at press time.
The Davis Cos., in addition to marketing its Two and Three Reservoir, is also involved with the redevelopment of the former Perkin Elmer headquarters in Wilton into the 465,000 sf Wilton Corporate Park. The company recently won approvals to build 40 Danbury Rd. (125,000 sf) and 60 Danbury Rd. (75,000 sf).
Fiore adds the company is looking at even further expansion. "We are actively looking to acquire properties that fit into our overall strategy of providing space to augment Reservoir Corporate Center and Wilton Corporate Park," he says. "Ideally, we are interested in expanding our Fairfield County portfolio to cover even more of the market."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
