Danbury's Lee Farm Corporate Park Sold for $16.9 Million

A Massachusetts and Connecticut partnership paid $16.9 million Monday for the quarter-million square-foot Lee Farms Corporate Park on Wooster Heights.

The last time this property sold, which was Feb. 26, 2007, the price tag was $37,500,000. The new owner was listed in 2007 as 83 Wooster Heights LLC, care of Marvin F. Poer & Co. Before that, the building sold on Nov. 30, 2004, for $27,750,000. Its previous sales price was $23,516,700 on Oct. 1, 1998.

"It's one of our premier office buildings," said Stephen Bull, president of the Greater Danbury Chamber of Commerce. "Someone is paying a decent price for a top commercial property."

Bull said the recession took a toll on commercial real estate values just as it did on residential real estate values.

"Someone is making a shrewd investment in Danbury," Bull said.

The partnership that bought the building is made up of Summit Development of Southport, and The Grossman Companies of Quincy, MA.

Bull said the building, which was constructed in 1987, was renovated extensively since its construction. It has been home to First Brands, the maker of Glad Bags, to GE Capital, Robert Half and many other companies.

It is comprised of 215,649 square feet of office space and is more than 70 percent leased to several blue-chip tenants including GE Capital, PepsiCo and IMS Health.

“Lee Farm is a perfect addition to our growing office portfolio,” said Felix Charney, principal of Summit Development, speaking in a press release. “The location is ideal, offering convenient access to Westchester, lower Fairfield County and the New York Metropolitan area.” 

Charney said the new owners are launching an aggressive marketing campaign in conjunction with common area upgrades to lease the vacant space.  “We’re confident that Lee Farm will attract additional high-quality tenants,” Charney said.  Currently 57,473 square feet are available for lease. The new ownership expects to out-perform the Northern Fairfield submarket occupancy rate given its view that Lee Farm is a “best-in-class” building.

“Given its easy access, visibility and relative affordability, Lee Farm is ideal for a large company that is building a presence in this growing area or for smaller organizations that are looking to expand,” said Jake Grossman, principal of The Grossman Companies, speaking in a press release.  “The amenities are first rate and add to the unique value the park offers its tenants.”