Life insurance co. sells Westport office complex
Allianz Life Insurance Co. of North America sold a two-building, 120,121-square-foot office complex in Westport to a New Jersey private equity and real estate development firm for $16 million, Cushman & Wakefield announced.
Westport Corporate Office Park, a 22-acre development that includes buildings at 55 and 57 Greens Farms Road, was sold to The Silverman Group of Short Hills, N.J., at a rate of $132 per square foot.
Cushman & Wakefield represented Allianz Life Insurance, which is headquartered in Minneapolis, and has been retained by the buyer as exclusive leasing agent for the property, which has been renamed The Offices at Greens Farms.
The Cushman & Wakefield team representing Allianz Life Insurance included Andrew J. Merin, H. Gary Gabriel and Thomas J. O’Leary, and the leasing team will consist of Steve Baker, O’Leary and Adam Klimek.
The Class A office buildings are situated between Route 136 and the Sherwood Island Connector, and are within a mile of the Westport train station. The building at 55 Greens Farms Road was recently renovated with a new lobby, corridors and bathrooms. According to Cushman & Wakefield, The Silverman Group plans to renovate the building at 57 Greens Farms Road.