CB Richard Ellis' Jeffrey R. Dunne and Steve Bardsley represented Norwell Land Co. and Connecticut Avenue Realty, an entity of Purdue Pharma, in the sale and also procured the buyer in the transaction.

The sale includes the 100 Connecticut Ave. building that totals 116,555 sf. Also part of the transaction are 71 and 75 Connecticut Ave., unimproved parcels on Route 1 that total 1.2 acres and 80 Connecticut Ave.--an adjoining 0.8 acre site that currently features landscaped surface parking. The entire 100 Connecticut Ave. complex totals nearly 11 acres. CBRE's Dunne notes that there is the potential to build an additional 160,000 sf of office space at the property.

"The opportunity for office space expansion or potential retail development on this 10.98-acre site provides significant upside in the long-term, while Cendant's strong credit rating secures the cash flow until at least April of 2014," Dunne says.

He notes that Purdue Pharma vacated the complex about four or five years ago and relocated its corporate headquarters to One Stamford Forum in Downtown Stamford. Shortly thereafter, Trilegiant signed a lease for the entire building. CBRE, prior to the property being put on the market, negotiated a modified net lease extension earlier this year with Trilegiant that brings the term to 10 years from now.