Boston Development Firm Buys 80 Acres in Connecticut

STAMFORD-The Archon Group, a wholly owned subsidiary of Goldman Sachs, has sold more than 80 acres of land at Corporate Ridge Office Park in Rocky Hill, CT to a Boston-based development firm, Farley White Associates LLC for $1.8 million.

“The developer has no immediate speculative plans for the site, but is expected to develop office space in the near future,” according to the Grubb & Ellis team of George Lambros III, Patrick Colwell and Robert Gold, who negotiated the sale. “The land is zoned for office development in an area where there has been no significant new office construction in 10 years.”

Grubb & Ellis says that the $1.8 million sale price reflects a substantial allowance for significant development issues including off-site improvements that may be required by the Connecticut State Traffic Commission.