A Milford-based equipment finance company has purchased a one-story office building for $2 million and plans to demolish it to make way for a new headquarters.
Somerset Capital Group acquired the 8,912-square-foot building at 40 Armory Lane in early February, according to city property records.
CEO Evan Bokor said the company plans to construct a 14,000-square-foot, three-story building on the 0.75-acre parcel once the existing structure is razed. The Planning and Zoning Commission unanimously approved the project in early January, meeting minutes show.
The new headquarters will include two floors of office space above 61 ground-floor parking spaces and is expected to be completed by early 2028, Bokor said.
“It’s the first place that we will own, and we will be able to configure it the way we want,” he said.
Somerset has leased 16,000 square feet at the Merritt Corporate Woods office complex, 612 Wheelers Farm Road, since 2009. The company, founded in 1984 and previously based in Westport and Bridgeport, has 150 employees globally, including 58 in Milford who will relocate to the new headquarters.
The seller was Par Armory LLC, controlled by David Parisier of New York, who purchased the property for $1.3 million in 2021.
The building, constructed in 1950, is appraised at $6.69 million and assessed at $4.68 million.
