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Two Class A Office Buildings Trade for $13M

MERIDEN, CT-TC Fund nabs two class A office buildings here for $13.2 million. The property is 71% leased off the I-91.

By Ryan Clark | Updated on July 30, 2008

MERIDEN, CT-Fusco-Meriden Development Association is parting ways with two class A office buildings here for $13.2 million. The two buildings–530 and 538 Preston Ave.–are being purchased by TC Fund Property Acquisitions, an entity of Trammel Crow Company. The 155,000-sf property sits off exit 19 of the I-91, equidistant from Hartford and New Haven.

The fund is national in scope searching for “value-added opportunistic deals”, Jordan Berns of TC Fund tells GlobeSt.com. The building is 71% occupied, most notably by the American Cancer Society, GSA and Webster Financial. Fusco-Meriden “developed the building in the mid-80s”, explains Berns, so part of the plan is to renovate and retenant the buildings to bring the leasing up to capacity. Jeff Dunne vice chairman of Investment Properties at CBRE explains that Trammel Crow is going to “bring new capital in” and bring the building up to a 2008 standard.

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