Grubb To Pay $86M for Danbury Corp. Center

According to a company statement, Grubb & Ellis intends to acquire Danbury Corporate Center through its subsidiary GERA Property Acquisition LLC, and hold it for future sale to Grubb & Ellis Realty Advisors Inc., the company's investment management affiliate. The closing on the acquisition of Danbury Corporate Center is scheduled for April 17. The current owner of Danbury Corporate Center is Sunbelt Management Co. of Delray Beach, FL.

Grubb & Ellis is also looking to trade Abrams Center in Dallas, which it acquired on Feb. 20 for $20 million and 6400 Shafer Ct. in Rosemont, IL for $21.45 million to Grubb & Ellis Realty Advisors. The purchase of 6400 Shafer Ct. is expected to close on Feb. 28. Those prospective sales, including the Danbury Corporate Center purchase, from GERA Property to Grubb & Ellis Realty Advisors would have to be approved by Realty Advisors' board of directors and shareholders.

The Danbury Corporate Center was built in 1982 for Union Carbide as its global headquarters. The property was acquired by Sunbelt Management in 1986. The complex's current major tenants are Boehringer Ingleheim and Praxair that occupy approximately half of the complex. Other significant tenants include Dow Chemical and Morgan Stanley. According to the property's website, there is currently 329,315 sf of space available at the complex.

The property has been on the market for sale for some time. Grubb has been the leasing agent for Danbury Corporate Center since 2003 and had also been retained as sales agent and managing agent for the property.