An office building off I-95 has been placed on the market. 40 Richards Ave., Norwalk has been listed for sale by the capital markets group of Cushman & Wakefield for an unpublished asking price.
The building is owned by the Boston-based Davis Cos., which purchased the property for $16.5 million in 2013. Since then Davis has spent $6 million on renovations to the structure, according to published reports.
Constructed in 1985, the building houses some 150,000 square feet of office space and has an occupancy rate of 81 percent. Davis also owns an office building at 200 Connecticut Ave. in Norwalk.
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TRANSACTIONS
A 500-square-foot unit at 141 North Main St., Branford has been leased by Brenna Begley and Erin Davis. The pair will use the space to provide professional esthetician services including beauty and skin care. The building’s owner is Joseph Giunta. Bill Clark of the Geenty Group, Realtors was sole broker in the transaction.
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CBP will relocate from Stamford to a 9,860-square foot space it recently leased on the fifth floor at 535 Connecticut Ave., Norwalk. Avison Young is exclusive leasing agent for the building, which houses 170,000 rentable square feet of Class A office space. Tenants include Crius, UBM, Northwestern Mutual and Belvoir. Sean Cahill, Christopher Grundy and James Searl represented Avison Young in the transaction, while Steve Baker of Cushman & Wakefield negotiated the eight-year lease on behalf of CBP. The property is owned by Hanover Norwalk Investors LLC, an affiliate of Hanover Real Estate Partners, which purchased the building in November 2018.
