10 Alexander Drive, Wallingford
North Haven-based H. Pearce Commercial Real Estate’s Joel Galvin and Richard Guralnick represented the landlord, Alexander Group, in the recent leasing of 7,700 square feet of professional office space at 10 Alexander Drive in Wallingford.
David Hansen of CB Richard Ellis represented the tenant, the cable/wire provider Thermax CDT, in the lease transaction. The building totals 20,600 square feet and currently has one space of 3,500 square feet available for lease.
H. Pearce Commercial Real Estate, which has offices in North Haven and Rocky Hill, specializes in Connecticut’s central, south-central and Shoreline markets. Commercial property offerings can be found in color on the Web at www.HPearceCommercial.com.
Norwalk Apartments Sold
Jeffrey Dunne, Patrick Bisceglia and Christopher Leonard of CB Richard Ellis’ New York Tri-State Investment Team recently represented Merritt River Apartments LLC, an entity controlled by institutional investors advised by JPMorgan Asset Management-Real Estate, in the sale of Merritt River Apartments in Norwalk. The team also was responsible for procuring the buyer, a fund advised by UBS Global Asset Management Real Estate. The purchase price was undisclosed.
Merritt River Apartments, which was built in 2002, is a 227-unit luxury high-rise apartment building with covered parking, a full amenity package and convenient commuter access (via a nearby highway network and Metro North stop) to the major employment centers of Norwalk, neighboring Stamford and New York City. The community is within a short drive of numerous parks, beaches, golf clubs and marinas, historic South Norwalk and the Route 1 and Route 7 “big box” retail corridors. At 12 stories tall, the building sits above the adjacent 2.2 million square feet of office properties in the Merritt 7 Corridor. The property was approximately 90 percent leased at the time of the sale.
“UBS has acquired a superior apartment community in the dynamic and growing Norwalk market, as evidenced by recent major office space commitments by GE (363,500 square feet), Diageo (277,704 square feet) and FactSet Research (148,145 square feet),” Dunne said. “Merritt River’s rents and occupancy should grow significantly with the continued growth in the Merritt 7 Corridor.”
Howard Brokers Deal
Howard Properties has represented Cervalis LLC in the long-term lease of 30,564 square feet for a data center in Stamford. Howard E. Greenberg, president of Howard Properties, served as Cervalis’ exclusive tenant representative in the transaction, along with John Stoddard of Stamford-based Albert B. Ashforth Inc.
Cervalis LLC is a premier provider of information-technology infrastructure solutions including business continuity/rapid recovery, managed hosting, managed security, managed storage, networking and telecommunications, and co-location. Cervalis was ranked third in the Connecticut Technology Council/Deloitte & Touche Fast 50 for technology companies in 2006, with revenue growth of 2100 per cent between 2001 and 2005.
Cervalis will make a multimillion-dollar investment to convert the building to a state-of-the-art facility. Plans call for the new data center to be ready for occupancy by the middle of 2007. It will feature redundant power feeds from Connecticut Light & Power Co., as well as three 2-megawatt backup generators to insure full-time, everyday service to its clients.
To date, Howard Properties has represented Cervalis LLC in over 110,000 square feet of data center and headquarters office leases. It represented Cervalis in the lease of its 71,500-square-foot data center in Wappingers Falls, N.Y., which was the largest lease of non-industrial space in Dutchess County in more than five years when the transaction was completed in 2000.
