X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DANBURY, CT-Grosvenor Investment Management US Inc. has acquired Lee Farm Corporate Park here on behalf of an international pension fund. Grosvenor would not divulge the purchase price for the 215,000-sf multi-tenant office building or the name of the pension fund.

The property, developed in 1987, was sold by Danbury Prime Property LLC. Andrew Merin, vice chairman, and Patrick Colwell, senior director, of the New York Metropolitan Area Capital Markets Group of Cushman & Wakefield represented the seller.

The property is 95% leased. GE Capital currently leases approximately 51% of the building, according to Eric Cannon, associate, acquisitions with Grosvenor. The new owner plans to undertake some cosmetic improvements to the interior of the building and to the property’s landscaping, he adds.

“Grosvenor is pleased to complete the acquisition of Lee Farm, which was consummated at an attractive discount to replacement value,” says Dick Layman, senior managing director of Grosvenor. “Lower operating costs in the Greater Danbury area, access to labor, and more affordable housing help make this submarket a less expensive and highly viable business location alternative to Stamford and lower Fairfield County.”

Grosvenor Investment Management is the North American real estate investment management operation of London-based Grosvenor. It is the former Legg Mason Real Services, which Grosvenor acquired in March 2006. At year-end 2006, Grosvenor Fund Management (including GIM) had total funds under management of more than $5.3 billion internationally. Grosvenor is a privately owned international property group that represents the interests of the Grosvenor family headed by the Duke of Westminster.

The group undertakes real estate development and investment on its own behalf and on behalf of partners and investors through its regional operating companies and fund management business. It operates from 12 offices and has interests in 17 countries. Grosvenor manages or has interests in approximately $17.3 billion of real estate, company officials say.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.