C&W Completes Sale Of 8-10 Wright Street In Westport, CT

30 Oct, 2007, Westport, CT

Cushman & Wakefield today announced the completion of the sale of Westport View Corporate Center located at 8-10 Wright Street, a two-building Class-A office property in downtown Westport, Conn. The Prescott Group sold the 81,349 square foot property to an institutional buyer for an undisclosed price.

Westport View Corporate Center consists of two buildings, 8 Wright Street, which contains 55,285 square feet of office space on three floors, and 10 Wright Street, which contains 26,064 square feet of office space on two stories. Built in 1977, the property has been extensively renovated over the past five years. Westport View Corporate Center is 98.5 percent leased to a tenant roster that includes AXA Equitable Life, Northwestern Mutual, Save the Children, and Marriott International.

Andrew Merin, vice chairman, David Bernhaut, executive vice president, Gary Gabriel, executive director and Jose Cruz, senior director, of Cushman & Wakefield’s Capital Markets Group, represented the seller and procured the purchaser. Cushman & Wakefield’s Gregory Frisoli and Adam Klimek serve as the property’s exclusive leasing agent.

"This was an excellent opportunity for the seller to take advantage of the favorable capital markets in the highly sought after Fairfield County office market,” said Mr. Merin. “Westport is one of the most desirable submarkets in this region.”

"The completion of this transaction demonstrates the strength and demand for commercial real estate in Fairfield County,” said Jim Fagan, head of Cushman & Wakefield’s Fairfield and Westchester County region. “The building was on the market for a relatively short amount of time and the offering attracted a substantial amount of interest from regional and national private and institutional investors.”

Westport View Corporate Center is located in the Central Fairfield County submarket, in close proximity to the Merritt Parkway and I-95.

Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.

Contact: Alison Miller
XM Communications
914-589-8561
amiller@xm-pr.com

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