945 KSF Connecticut Office Park Sells for $59M
A major pension fund owned the portfolio for three decades.
An affiliate of Argent Ventures is the new owner of a 945,000-square-foot office park in Norwalk, Conn.
CBRE arranged the deal, which comprises four midrise buildings located in this northeastern suburb of New York City. The purchase price was $58.5 million, the Hartford Business Journal reported.
New York State Teachers’ Retirement System had previously owned the portfolio since 1995, according to Yardi Matrix. CBRE’s Vice Chairman Jeff Dunne, Senior Vice President Steven Bardsley and Senior Financial Analyst Travis Langer represented the seller.
The four newly acquired assets are part of Merritt 7, a 1.5 million-square-foot, six-building complex. Last October, Saber-Hightower, a Briarcliff, N.Y.-based developer, proposed converting the other two buildings, 101 Merritt 7 and 201 Merritt 7, into 300 apartments and an on-site parking garage.
Asset details
The first of the four buildings to be completed, 301 Merritt 7, opened in 1985. That was followed a year later by 401 Merritt 7 and by two final buildings in 2000, which were developed by Albert Phelps. Each asset features an on-site café, catering kitchen and shuttle service, Yardi Matrix shows.
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Other amenities include two food service halls with indoor and outdoor seating and conference rooms that can accommodate 120 people. According to the campus website, the property offers a newly renovated fitness center that is available to tenants.
The property serves as headquarters for such major companies as Xerox, EMCOR Group, Terex Corp. and Hearst Connecticut Media Group. Other tenants include M&T Bank, The Maddox Law Firm and CulinArt Group, according to Yardi Matrix.
The property is along Merritt Parkway and near Route 7. Close by are the Merritt 7 train station, with service to Grand Central station in Manhattan. Interstate 95 is within five miles of the campus.
Fairfield County vacancy drops
According to an October 2025 Cushman & Wakefield office report on Fairfield County, office leasing slowed in the third quarter, falling 17.4 percent. However, Class A space in areas such as Greenwich is in high demand and showing strong fundamentals. The vacancy rate fell 20 basis points to 27.3 percent on the strength of limited new supply, and conversions of existing office space are in the works.
In nearby Stamford, another significant Connecticut office market, CBRE Investment Management sold Stamford Towers last September to a joint venture of Real Capital Solutions and Lamar Cos. The towers, which were 78 percent occupied at time of sale, span 332,000 square feet and represent RCS’ first purchase in the state.
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