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Vision Equities Grabs Danbury Office Bldg. for $37.5M
Investor Acquires Lee Farm Corp. Center at Near-Full Occupancy

Grosvenor Investment Management, on behalf of Vision Equities, purchased 83 Wooster Heights Road, also known as the Lee Farm Corporate Center, in Danbury, CT, from Danbury Prime Property LLC. The 215,000-square-foot, Class A office building sold for $37.5 million, or roughly $175 per square foot.

Built in 1988 on 10.5 acres in Fairfield County, the property is within the Lee Farm Corporate Park. Building amenities include a conferencing facility, dry cleaner, food court, 24-hour security and on-site management.

The building was 94% occupied at the time of sale by tenants including GE Capital Corp., MediGroup, Ajilon and FreeTaxPrep.com Inc.

"This sale was consummated at an attractive discount to replacement value," said Dick Layman, senior managing director of Grosvenor. "Lower operating costs in the Greater Danbury area, access to labor, and more affordable housing help make this submarket a less expensive and highly viable business location alternative to Stamford and lower Fairfield County."

Patrick Colwell of Cushman & Wakefield represented the seller. Dick Layman of Grosvenor and Sam Morreale of Vision Equities represented the buyer.

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