NORWALK – The New York City-based private equity diversified real estate investment and development firm Argent Ventures has purchased 301-601 Merritt 7 for an undisclosed price from Merritt 7 Venture LLC, according to commercial real estate broker CBRE.
The four-building complex within the six-building Merritt 7 Corporate Park includes 945,000 square feet of commercial space that includes such tenants as Xerox, Terex, Emcor, Hearst Connecticut Media Group, Common Fund, Datto/Kaseya, MBI, and LBB Specialties.
While CBRE did not divulge a price, city records show 301-601 Merritt 7 has last been appraised for a total of $148.46 million in 2023, with the highest priced building being 401 Merritt 7 at $41.11 million. The properties were originally purchased by Merritt 7 Venture LLC between the years of 1995 and 1997, records show.
CBRE’s team of Jeff Dunne, Steven Bardsley and Travis Langer completed the sale, having represented the seller and procured the purchaser, an affiliate of Argent Ventures.
“301-601 Merritt 7 provides a conveniently accessible, highly amenitized property for high credit, discerning tenants,” said CBRE Vice Chairman Jeff Dunne. “We expect Argent to perform well in leasing the balance of the vacant space in the building.”
Housing proposed for Merritt 7
Additionally, the other two office buildings in the Merritt 7 Corporate Park are being proposed by a developer and considered by the city’s Planning & Zoning Commission for a conversion into 300 apartments.
The plan to convert 101 and 201 Merritt 7 was submitted to Norwalk’s Planning & Zoning Department by Lofts M7 LLC. The developer plans to combine the two buildings into a single site, with 56 studios, 182 one-bedroom, and 62 two-bedroom apartments.
CBRE Institutional Properties Group is also marketing a number of office properties and redevelopment opportunities including: Greenwich American Center, a 623,717± sq.-ft. office building located in Greenwich; Capital District medical portfolio, six buildings comprising 414,075 sq. ft. located throughout the Albany, New York; Kingsbrook (1100 King St.), a six-building 564,419 sq. ft., 47.5-acre office campus in Rye Brook, New York; and the 271,851 sq. ft. KPMG campus in Montvale, New Jersey.
