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Business Park Including Xerox HQ Trades for $58.5M

Image courtesy of CBRE

A four-building office portfolio in Norwalk that’s home to corporate tenants including the Xerox Corp. headquarters was acquired by an affiliate of Argent Ventures for $58.5 million.

CBRE represented Merritt 7 Venture LLC, seller of 301-601 Merritt 7 portfolio, and procured the buyer.

The portfolio comprises four office buildings totaling 945,000 square feet within the six-building, 1.5 million square-foot Merritt 7 complex. The other two remaining buildings are proposed for conversion to apartments.

Other tenants include Terex, Emcor, Hearst Connecticut Media Group, Common Fund, Datto/Kaseya, MBI and LBB Specialties.

“301-601 Merritt 7 provides a conveniently accessible, highly amenitized property for high credit, discerning tenants,” Dunne said in a statement.

The property previously traded for $83.3 million in 1995, according to Norwalk Tax Assessors’ records.