Danbury: Lee Farm Corporate Park a class A office building on I-84 was purchased for $16.9 million by Summit Development of Southport and The Grossman Companies of Quincy, Mass., in 2013. The partnership announced on November 17 the sale for $31.75 million to CT Property Realty LLC., based in Roslyn New York.
The five-story hilltop property was built in 1987 and according to the partnership “required extensive renovations.” The renovations helped increase its occupancy from 65% at acquisition to 100% at sale. Lee Farm consists of 215,649 square foot of office space and is fully leased to “blue-chip tenants” including Wells Fargo, Navigator Management, IMS Health, Lenovo and Sigmund Software.
Felix Charney, principal of Summit Development said, “Our transformation of Lee Farm was both rapid and dramatic as we made extensive upgrades to the property while filling all of the vacant space and replacing GE Capital. When GE Capital vacated, we worked closely with Cushman & Wakefield to execute a lease with Wells Fargo.”
“Given its easy access, visibility and relative affordability, Lee Farm is ideal for large companies that are building a presence in this growing area or for smaller organizations that are looking to expand,” said Jake Grossman, president of The Grossman Companies. The property includes an onsite full-service cafeteria, fitness and conference centers, emergency generation, and given its hill top location “ panoramic views.”
Jeff Dunne of the CBRE investment and Steven Bardsley, CBRE senior vice president for CBRE Institutional Properties at CBRE/Capital Markets represented both the sides in the transaction.