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Matan Partnership Buys Norwalk Building for $27.6M

NORWALK, CT-A partnership led by Matan Properties has purchased 535 Connecticut Ave., a 171,102-sf office building here for $27.6 million.

By John Jordan | Updated on August 23, 2002

NORWALK, CT-CB Richard Ellis reports that it has brokered the $27.6-million sale of 535 Connecticut Ave., a 171,102-sf office building here.

The deal was brokered by The CB Richard Ellis Tri-State Investment Team, led by Jeffrey R. Dunne, which represented 535 Connecticut LLC, a joint venture comprised of an institutional client of Lend Lease Real Estate Investments, Inc. and Mountain Development Corp. The brokerage firm also procured the buyer–an investment partnership of Matan Properties. The property sold for $161.31 per sf.

The building is approximately 92% leased with limited near-term lease rollover, according to CB Richard Ellis officials. They add that Micro Warehouse occupies approximately 35% of the building (approximately 60,000 sf) including the top two floors at a rental rate of only $18-$18.50 per square foot, which is approximately 60% of the rental rate for recent leases in the building.

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