Greenwich Company Buys Norwalk Office Building

From Avison Young: Avison Young completed a transaction to sell a179,000 square feet of Class A office building at 535 Connecticut Avenue in Norwalk.

Hanover Real Estate Investors purchased 179,292 square feet of space from Matrix Norwalk LLC. The building is 74 percent leased and its tenants include Crius, UBM and Belvoir. The terms of the deal were not disclosed.

The sale is the largest acquisition of Class A office space in Norwalk in 2018 and one of the largest in Fairfield County. Matrix has been seeking to sell portions of its real estate portfolio, which also includes the Centennial Corporate Center in Aiken, S.C. The Norwalk location is highly-sought location that is valued for its close proximity to Interstate 95, visibility and assortment of amenities.

Hanover Real Estate Partners based in Greenwich, Conn. Its diverse portfolio includes office buildings, flex/warehouse, hospitality, retail, golf and residential real estate.

Matrix Norwalk LLC is affiliated with Matrix Property Group of Long Island. Sean Cahill, Principal and Managing Director of Avison Young Norwalk, served as the listing broker for the transaction along with Gary W. Lyons, Senior Vice President, and Blake Thomas, Vice President, from the Avison Young Capital Markets team in Raleigh, N.C. facilitated the sale with Cahill.

Avison Young is one of the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family and hospitality properties.

Photo credit: Avison Young

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