A commercial developer based in New Rochelle, N.Y., purchased the 158,000-square-foot Reservoir Corporate Centre at 4 Research Drive in Shelton for $8.5 million, Newmark Grubb Knight Frank announced.
With the closing of the sale, Rugby Realty counts five eastern Fairfield County office properties among its five-million-square-foot portfolio. Rugby Realty purchased the Class A building, which had gone through foreclosure and bankruptcy, from a limited liability company that had enlisted the assistance of special servicer LNR Partners L.L.C.
Both the buyer and the seller were represented by David Noonan, Jennifer Schwartzman and Paul Gojkovich of Newmark’s Capital Markets group, along with Pierre Bonan of Auction.com, an online real estate marketplace that is affiliated with LNR Partners.
“This Class A office building is complementary to our other assets in the market including the Fairfield Metro Center, our one-million-square-foot, mixed-use development,” said Maurice Ades, managing partner of Rugby Realty, in a statement. He said the firm would modernize the building’s lobby and common areas, adding, “It should be at full occupancy very soon.”
Separately, GHP Office Realty L.L.C., a commercial developer with properties in both Fairfield and Westchester counties, announced leases totaling nearly 50,000 square feet at its 131 Danbury Road, Wilton, property.
Marketing agency Tracy Locke Partnership Inc., which is based in Dallas, renewed its 42,408-square-foot lease. The firm is a subsidiary of advertising conglomerate Omnicom Group Inc., and was represented in the transaction by Lee Feld of Feld Real Estate.
Additionally, Enterprise Rent-A-Car signed a long-term lease renewal on its 7,000-square-foot office space at 131 Danbury Road.
GHP Office Realty is a unit of Houlihan-Parnes Realtors L.L.C. The firm’s 131 Danbury Road property totals 53,000 square feet.
