QUINCY, MA–The Grossman Cos. and Summit Development–the joint owners of the landmark Lee Farm Corporate Office Park in Danbury, CT–have sold the property for $31.75 million, nearly doubling their investment in 4 ½ years. The buyer is CT Property Realty LLC.
The two commercial property firms had purchased Lee Farm in 2013. The five-story Class A office building, consisting of 215,649 square feet, provides easy access to Westchester and lower Fairfield Counties and to the New York metro area. It sits at the intersection of I-84 and U.S. Rte. 7.
Grossman Cos. Co-President Jake Grossman said, “When we bought the building, it was just 65% leased. Our team made extensive upgrades and worked aggressively with leasing agent Cushman & Wakefield to bring the building to 100% occupancy. We’re proud of our Who’s Who of tenants including Wells Fargo, IMS Health and Lenovo.” The Grossman Companies’ New England business roots date back to 1895.
Summit Principal Felix Charney said, “We’ve developed a reputation for being nimble and flexible in responding to tenant needs, which has enabled us to expand our portfolio and resulted in a steady flow of opportunities. This is added proof that the Summit-Grossman team is an unbeatable combination.” This deal marks Charney’s 100th major real estate transaction.