Mack-Cali Realty Corp. recently sold its only corporate office building in Norwalk for $16.2 million.
The Davis Companies (TDC), based in Boston, acquired the building for $112 per square foot to add to its growing list of Fairfield County properties, managed by the company’s Norwalk office.
The property, located at 40 Richards Ave. off Interstate 95, is about 147,000 square feet and roughly two-thirds occupied.
Officials at TDC plan to make several capital improvements to the building, including upgrades to the building’s cafe, landscaping and bathrooms and the construction of a new gym.
“We have been targeting opportunities to acquire well located, high-quality office properties, which are under performing, and we are very excited about our recent acquisition of 40 Richards Avenue,” said Steve Rice, TDC regional director of acquisitions, in a statement. “Our low investment basis will allow us to offer very attractive rental rates and tenant improvement packages to potential tenants, and our capital improvement plan should significantly enhance the building”™s appeal.”
Between its Boston and Norwalk offices, TDC manages roughly 140 properties, representing about 10 million square feet  and $2.5 billion of real estate.
