$22 Mil Moves One Reservoir Corporate Center

SHELTON, CT-It’s billed as the only spec office to go up in Fairfield County in the past few years, and now One Reservoir Corporate Center has flipped ownership for $22.4 million. A joint venture between Prudential Real Estate Investors and the Davis Cos. sold the building to Reservoir Corporate Group LLC, according to officials with Davis. One Reservoir, which is the first phase of the Reservoir Corporate Center complex, is fully leased. Pru, Davis and David A. Mack Properties LLC of Shelton developed the building in 1999.

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.