CBRE Global Investors’ Connecticut Encore
- Oct 21, 2015
By Keith Loria, Contributing Editor
CBRE Global Investors has acquired RiverPark, a 412,231-square-foot, Class A office building located in Norwalk, Conn., on behalf of its CBRE Strategic Partners U.S. Value 7 fund.
This marks the second time in a decade that a fund in the Strategic Partners U.S. series has owned the asset. Previously, it held the property from 2005-2007, during which time it successfully executed a value-added strategy.
“We know this building because we successfully owned and operated it in the past,” Vance Maddocks, CBRE Strategic Partners U.S.’s president, said in a prepared statement. “We look forward to re-invigorating RiverPark and restoring its market status to capitalize on current momentum in the submarket. With the enhancements we are planning, coupled with our overall strength of ownership, we can offer tenants a compelling proposition.”
Located at 800 Connecticut Ave., RiverPark consists of three wings connected by a four-story atrium, it contains a 120-seat full-service cafeteria, a professionally managed fitness center, shuttle service to nearby train stations, dry cleaning, picnic areas and a putting green.
CBRE Global Investors plans to implement its signature 5-Star Worldwide service and amenity program, which consists of high-impact cosmetic upgrades and replacement of dated building components to attract and retain tenants seeking a vibrant, collaborative work environment and deep amenity offerings for its employees.
The plan is for the team to re-introduce the asset to the market, highlighting the new responsive ownership.
Norwalk is considered one of the best-performing submarkets in the Fairfield MSA, and has recently begun to attract large tenants relocating from Stamford and elsewhere in the county due to its central location and proximity to executive and workforce housing.
According to CBRE’s 2Q Fairfield Office Market Report, the county as a whole was strong for the quarter, notable for the 30 percent increase in activity on behalf of the county’s mid-sized tenants—those occupying space ranging from 10,000 to 50,000 square feet. Norwalk deals were a great percentage of these.
Jeffrey Dunne of CBRE’s Institutional Properties brokered the sale of RiverPark. The property was 68 percent leased at the time of the transaction.