The Lee Farm Corporate Park across from the Danbury Fair Mall and airport sold earlier this month for $16.9 million, nearly half as much as it sold for in 2007.
The 216,000-square-foot office building is near the intersection of Interstate 84 and Route 7 and its major tenants include GE Capital, IMS Health and PepsiCo.
Summit Development of Southport and Grossman Cos. of Quincy, Mass. bought the building in hopes of attracting more tenants from Southern Fairfield and Westchester counties. However, the deal came at a bargain compared with its purchase price of $37.5 million in 2007, when it was sold to Vision Equities, according to a dated Cushman and Wakefield announcement.
The building amenities include a cafeteria, fitness center, an emergency generator and panoramic views of 10.5 acres of land. The new developers plan to upgrade the facility and launch an aggressive marketing campaign to fill the building’s empty space.
“Lee Farm is a perfect addition to our growing office portfolio,” Felix Charney, Summit Development principal, said in a press release. “The location is ideal, offering convenient access to Westchester, lower Fairfield County and the New York metropolitan area.”
Jeffrey Dunne, Steven Bardsley and Patrick Carino of CBRE’s New York Institutional Group represented the building owner in the transaction.