CB Richard Ellis' vice chairman Jeffrey Dunne and first vicepresident Al Mirin represented the seller, 488 Main AvenueAssociates, in the transaction.

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The property is 100% leased to seven tenants. The largestleaseholders at the property are: law firm Grimes & Battersby,which occupies approximately 9,000 sf; Professional Media Group,which leases about 8,500 sf; Washington Mutual, which has a6,800-sf location; and Financial Accounting Foundation, whichmaintains a 5,129-sf office there.

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Craig Way, vice president and director of acquisitions andleasing for HB Nitkin, says the firm was drawn to the property dueto its "excellent location across from the Merritt 7 CorporatePark." He adds that the 1.8-acre parcel also provides easy accessto the Merritt Parkway, I-95 and Route 7.

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CB Richard Ellis' Mirin adds that the office building is alsonear a number of restaurants, hotels, shopping centers andrecreational areas.

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"488 Main Ave. is a perfect example of why well located officeproperties continue to have huge interest and sell for premiumprices," Dunne says. "The Route 7 corridor has seen significantgrowth over the past year with Xerox, Diageo and General Electricexpanding their presence within the market."

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HB Nitkin's Way says the firm plans to undertake a facadeimprovement program and institute some other capital improvementsto the property in the near future. HB Nitkin owns approximatelyone million sf of office/retail space in Connecticut.

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John Jordan

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