NORWALK, CT—Matrix Investment Group, LLC has acquired 535 Connecticut Ave., a 179,000-square-foot office building here for $13.5 million.
The deal was announced by Jeffrey Dunne and Steven Bardsley of CBRE Group Inc.'s Institutional Properties team who represented the seller—535 Connecticut Avenue, LLC a joint venture of KABR Real Estate Investment Partners and Blackpoint Partners. The CBRE team also procured the buyer in the deal.
535 Connecticut Ave is currently 45% leased. The building's floor plate design allows for eight “corner” offices per floor. “535 Connecticut Avenue's easily accessible location and good 'bricks and sticks' should provide Matrix significant upside through the lease-up of the vacant space, including the only contiguous block of space over 90,000 square feet on the Route 1 corridor,” CBRE's Dunne says.
The acquisition is the second Fairfield County office asset in Long Island, NY-based Matrix's portfolio. In 2009, Matrix purchased the 1.2-million-square-foot Matrix Corporate Center in Danbury through the same CBRE sales team.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
