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NYC Investor Enters Fairfield County Market With Office Buy

Image courtesy of CBRE

A New York City real estate firm has made its first investment in Fairfield County with the acquisition of a Wilton office building.

Northpath Investments bought the 161,222-square-foot 40 Danbury Road property from seller Wilton 40/60 LLC. The property is 42-percent leased, according to CBRE, which represented the seller and procured the buyer. The sales price was not immediately available.

The building is located in a four-building office park that includes basketball and tennis courts, an auditorium-style conference center, full-service cafes, fitness center and garaged parking.

“The existing [weighted average lease term] of over six years allows Northpath to focus on the vacant space lease-up without a concern for existing tenant roll. Their expertise in repositioning assets and a favorable basis should allow them to immediately compete in the Fairfield Market,” CBRE’s Steven Bardsley said in a statement.