Sale of 80,000 Square Foot Office Complex Tops $30 Million

(Globe Street)

by John Jordan

October 25, 2007 - Knowledgeable real estate sources tell Globe Street that Invesco has acquired the Westport View Corporate Center here in a deal they say approaches the mid-$30 million level.

The property at 8-10 Wright Street was sold by Prescott Capital Management, LLC of New York City. The firm announced that it had parted with the 80,000 square foot office asset, but did not divulge the terms of the sale or the purchaser except to say the transaction was with “an institutional buyer.” A reliable real estate source tells Globe Street that the new owner is Invesco, whose real estate division is headquartered in Dallas. A Prescott spokesman did not comment on the value of the deal or that the transaction was with Invesco.

“We are very pleased with the successful conclusion of our investment in Westport View Corporate Center,” says Susan L. Stupin, managing director, Prescott. “At the time we purchased the property, we viewed it as a strong value add opportunity - an attractive asset that had not realized its full potential despite being in a submarket with significant barriers to entry, a strong local economy, attractive demographics and demand drivers reflecting the growth of the New York metropolitan area. Under our active management, it generated returns that substantially exceeded our initial underwriting.”

A joint venture of Prescott Capital and Onyx Equities acquired the complex in July, 2005 for a reported $24.8 million. The multi-tenanted property is fully leased and is home to several local financial firms and some national tenants. The building's tenant roster includes AXA Equitable Life, Northwestern Mutual, Save the Children, and Marriott International.

The complex was built in 1977 and was substantially renovated in 2000. Prescott Capital Management is the investment and asset management subsidiary of real estate merchant banking firm The Prescott Group, LLC.

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,” Merin says. “Westport is one of the most desirable submarkets in this region.” C&W officials did not disclose the purchase price or the identity of the purchaser, and had no comment on information procured by Globe Street sources.