535 Connecticut Avenue in Norwalk, CT traded hands this month as a joint venture between KABR Real Estate and Blackpoint Partners, 535 Connecticut Avenue, LLC, purchased the office building for $11 million according to a National Real Estate Investor article. The building was previously bought by Miami Beach-based LNR Partners for more than $20 million in 2006. CB Richard Ellis negotiated the sale and will handle leasing for the 175,000-square foot building.
"The current tenants are all good tenants. The only change they will see is that we are a hands-on operator," said Adam Altman, principal of KABR. "They will receive very attentive service from us."
535 Connecticut was reportedly 37% leased at the time of sale with major tenants including University of Phoenix, Ameriprise, and DHL. The building was originally built in 1988 and has undergone $1.5 million in renovations, including a new room and renovated common areas.
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