Cushman & Wakefield Negotiates $24.5 Million Sale of Merritt 8 at 99 Hawley Lane In Stratford, CT
31 May, 2007, Stratford, CT
New owner reappoints Cushman & Wakefield as exclusive leasing agent; Property to undergo major capital improvement
Cushman & Wakefield today announced the completion of the sale of Merritt 8, a 178,000-square-foot Class-A office property located at 99 Hawley Lane in Stratford, Conn. The building was sold by Tarragon Corp. to Phoenix Capital Partners, LLC for $24.5 million.
The property will be renamed The Pinnacle at Merritt 8 and will undergo a major capital improvement program which will include upgrades to the lobby, common areas, cafe, building entranceways and landscaping.
Andrew Merin, vice chairman, David Bernhaut, executive vice president, Gary Gabriel, executive director and Jose Cruz, senior director of Cushman & Wakefield's Metropolitan Area Capital Markets Group, together with Paul Kauffman and Tom O’Leary, senior director of Cushman & Wakefield Transaction Services represented the seller and procured the purchaser.
“Phoenix Capital Partners had the unprecedented opportunity of acquiring one of the finest Class-A office properties in the Stratford area, with a historically low vacancy rate.” said Mr. Merin. “The offering generated a great response from the investment community.”
Comprised of five stories, Merritt 8 is three-quarters occupied to a tenant roster that includes New York Life and Cablevision. Cushman & Wakefield’s Tom O’Leary will continue on as exclusive agent, handling the leasing of the remaining 57,000 square feet of vacant space.
“Merritt 8 offers a great working environment in a location that is extremely conducive to business,” said Mr. O’Leary. “There is strong demand for quality space in this submarket.”
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