Two-building Darien Green sold for nearly $5M; will re-emerge as Darien Crossing
The two-building office campus known as Darien Green has been sold for $4.935 million to a pair of developers who plan a major capital improvement project that will result in rebranding it as Darien Crossing.
The 79,287-square-foot campus – a 50,182-square-foot office building at 320 Boston Post Road and a 29,105-square-foot office building at 330 Boston Post Road in downtown Darien – has been sold by Normandy Real Estate Partners to a new entity consisting of Redding-based Fletcher Development and Westport-based Silver Heights Development. The buildings, constructed in 1976-78, sold for $62 per square foot with an 82 percent vacancy rate.
“Darien Crossing is the epitome of an asset in need of modernization and a new identity,” said Nick Fletcher, a member of the new ownership group. “We are all local guys, and there is a real sense of purpose to create a product that exceeds market expectation. We see this as a blank canvas, and as such, there is great opportunity to differentiate ourselves and to bring something unique to the market.”
Plans call for a full interior and exterior capital improvement project, including but not limited to a new entryway to the property; a modern redesign of the exterior façade; upgrades to the lobby, all common areas and interior lighting; upgraded/new tenant amenities; rejuvenated landscaping and exterior common spaces; and improved parking lot lighting.
The office space and floor plates feature what the owners called “very flexible layouts” that can be tailored to a wide variety of tenants, with spaces ranging from 3,000 to 50,000 square feet of building contiguous space.
Ownership has appointed Stamford-based commercial real estate firm RHYS as its exclusive leasing agent; leading the assignment will be that firm”™s Executive Vice President and Partner and Director Alex Haendler.
Work will proceed immediately with Granoff Architects of Greenwich, Forstone Construction of Darien and Wesley Stout Associates of New Canaan.