Downtown Darien Office Building Sells For $21 Million

DARIEN, CT — A 71,000 square-foot office building at 9 Old Kings Highway South in Darien sold earlier this month to real estate developer and owner V20 Group for $21.1 million, according to commercial real estate services and investment firm CBRE.

The sale was announced by Darien-based V20 Group on Sept. 15, but a price was not disclosed then.

The building is an 84 percent leased, boutique Class A office building located in the heart of downtown Darien within walking distance of the Darien Train Station and Darien’s restaurants and retail locations.

"As one of the wealthiest communities in the country, Darien has excellent demographics and features some of the top public school districts in the state," CBRE said in a news release. "[The building at] 9 Old Kings Highway benefits from its strong rent roll, anchored by long-term leases with Portfolio Advisors and Alter Domus, as well as its highly flexible and divisible floor plates that meet the market demand."

CBRE’s Jeff Dunne, who helped with the sale, said in a news release, "The offering represented a unique opportunity to purchase a boutique office building in the prestigious town of Darien that features stable in-place income and an opportunity to increase net operating income with lease-up of the 11,600 square feet of well-positioned vacancy."

The building is the only office property in Darien that employs a full-time doorman and also has a generator that provides power to the building if electricity is out during severe weather, a news release said from V20 said earlier this month.

A V20 Group spokesperson said in a news release that V20 plans to set aside a substantial budget for capital improvements to the building. Improvements would include work on the common corridors, the entrance to the building, and a modernization to the overall aesthetic appearance of the building.

The future plan is for V20 to occupy offices within the building. Another new tenant announced for the property is CoreOne Industrial, which will begin leasing space in 2023.