Developer Close to Deal for Danbury Corp Complex

DANBURY, CT -- A developer has reached a deal to acquire Danbury's Matrix Corporate Center — the largest single office building in southwestern Connecticut — for $17.8 million, the News Times is reporting.

The buyer, Summit Development, is headquartered in Southport, CT., and "specializes in opportunistic and distressed real estate investments with a focus on redeveloping and repositioning undervalued assets," according to the company's website.

The corporate complex, sitting atop 90 acres of land, was built in 1982 as the headquarters for Union Carbide.

There has been an exodus of tenants from the Matrix Corporate Center, including General Motors Corp., Chipman & Mazzucco, Jack Morton Worldwide, Agency 720 and Martin Retail Group at the end of last year. Praxair and Boehringer Ingelheim have also left the buildings.

Summit has not provided any indication of how the 1.2 million square feet of space will be used.

For more, see the News Times.

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