Susan L. Stupin, managing director of the Prescott Group, saysthe purchase marks the firm's entrance into the Connecticut market.The Prescott Group is currently in the process of acquiring anational retail portfolio and a national multifamily portfolio.Those deals, she says, are expected to close in the next six toeight weeks. She adds that by the end of the summer, Prescott willhave closed or have under contract approximately $300 million inassets so far this year.

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Prescott, the investment and asset management unit of realestate merchant banking firm the Prescott Group, is the majoritypartner in the new ownership of the building. Locally basedcommercial brokerage firm HK Group was a broker in the transaction.RiverOak Investment Corp. LLC of Stamford made an equity commitmentto the property along with Prescott. Debt financing was provided byJohnson Capital.

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The two-building complex was built in 1977 and renovated in2000. At the time of the closing, the complex was 93% leased. Itsprimary tenants include Marriot International, MONY Group, HealthManagement Solutions and Northwestern Mutual.

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"Westport, like other towns also located in Fairfield County, isbecoming an increasingly attractive alternative office location forexecutives seeking to work closer to home, especially in thefinancial services community," says Theodore R. Gamble Jr.,managing director of Prescott. Stupin adds that the complex has anumber of tenants that are currently paying below market rents,which offers the ownership opportunities at their respective leaseexpirations.

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John Saraceno Jr., a principal of Onyx Equities, says hebelieves the property "will become increasingly more in demand asthe Fairfield County office market and general population continueto grow exponentially." As part of the purchase of the property,Prescott agreed to deed a parcel of undeveloped land to be designedas open space to Earthplace, a locally based nature center.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.