ING Group’s real estate investment unit Clarion Partners says it has bought out the minority interest owned by one of the partners in Merritt 7 Corporate Park on Route 7 in Norwalk.
Clarion said Tuesday one of its unidentified pension clients bought the stake held by Fairfield Investors. Financial terms weren’t disclosed.
The New York State Teachers Retirement System is the office park’s majority owner.
Merritt 7 is a Class A office park with more than 1.4 million square feet in six buildings on the campus near the intersection of Route 7 and the Merritt Parkway.
Clarion said it will team with Marcus Partners to manage and lease Merritt 7.
Founded in 1982, Clarion Partners manages more than $22 billion in private equity real estate in the Americas.
ING announced earlier this year an agreement to sell Clarion for an unspecified price to a group of senior managers backed by private equity firm Lightyear Capital. The deal is due to close late in the second quarter, a Clarion spokeswoman said Tuesday.
