Westport, Conn.– Marcus Partners has completed the sale of 8 & 10 Wright Street, a Class A office complex in Westport, Conn. to WFF Westport TT, LLC for more than $30 million. The property is currently 94 percent leased and consists of two office buildings totaling 83,964 square feet.
Marcus Partners purchased the property in 2014, and invested more than $5 million in a large-scale capital improvement program including renovation and upgrades of the lobbies and all common areas, façade improvements and an energy efficient window replacement program.
8 & 10 Wright Street features expansive water views of the Saugatuck River and provides easy walkability to the high-end retail and dining options in Westport’s dynamic downtown. Tenants at 8 & 10 Wright Street include: UBS, Regus Corporation, Berkowitz, Trager & Trager, Energy Income Partners, and Ameriprise Financial, among other boutique financial services firms.
“This property’s success is a strong example of our value-add strategy to invest in premium locations and execute upgrades and modernization to create highly desirable new Class A space,” said David Fiore, Marcus Partners’ Metro New York Regional Director. “8 & 10 Wright Street went from 58% to 94% leased under our stewardship.”
Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group procured WFF Westport TT, LLC and represented Marcus Partners in the transaction. An image of the property is available here.
“Westport is an area that attracts many financial institutions and wealth management offices, due to the high-net-worth clientele in the area,” said CBRE’s Dunne “We expect that the office market will continue to benefit from this interest, which will bode well for the new owner’s investment, as 8 & 10 Wright Street have been extremely well maintained and upgraded by Marcus Partners.”