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

Prescott, the investment and asset management unit of real estate merchant banking firm the Prescott Group, is the majority partner in the new ownership of the building. Locally based commercial brokerage firm HK Group was a broker in the transaction. RiverOak Investment Corp. LLC of Stamford made an equity commitment to the property along with Prescott. Debt financing was provided by Johnson Capital.

The two-building complex was built in 1977 and renovated in 2000. At the time of the closing, the complex was 93% leased. Its primary tenants include Marriot International, MONY Group, Health Management Solutions and Northwestern Mutual.

"Westport, like other towns also located in Fairfield County, is becoming an increasingly attractive alternative office location for executives seeking to work closer to home, especially in the financial services community," says Theodore R. Gamble Jr., managing director of Prescott. Stupin adds that the complex has a number of tenants that are currently paying below market rents, which offers the ownership opportunities at their respective lease expirations.

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