Summit Development and Grossman Companies sell Lee Farm office building for $31.75 million

Danbury, CT Four and a half years after purchasing the Lee Farm Corporate Park, a class A office building on I-84 for $16.9 million, a partnership of Summit Development of Southport and The Grossman Companies of Quincy, Mass., closed on the sale of the property for $31.75 million to CT Property Realty LLC.

The five-story hilltop property was built in 1987 and required extensive renovations during the Summit/Grossman ownership to help raise its occupancy from 65% at acquisition to 100% at sale. Lee Farm consists of 215,649 s/f of office space and is fully leased to blue-chip tenants including Wells Fargo, Navigator Management, IMS Health, Lenovo and Sigmund Software.

Felix Charney, principal of Summit Development said, “Our transformation of Lee Farm was both rapid and dramatic as we made extensive upgrades to the property while filling all of the vacant space and replacing GE Capital.  When GE Capital vacated, we worked closely with Cushman & Wakefield to execute a lease with Wells Fargo.  We have developed a reputation for being both nimble and cost effective in responding to tenant needs, and that has enabled our portfolio to continue to expand with diverse, high-quality properties.”

“Given its easy access, visibility and relative affordability, Lee Farm is ideal for large companies that are building a presence in this growing area or for smaller organizations that are looking to expand,” said Jake Grossman, president of The Grossman Companies.  “The amenities are first rate and add to the unique value the park offers its tenants.” 

Lee Farm’s amenities include:

• Onsite, full-service cafeteria

• Onsite property management and concierge

• Ample parking

• Fitness center and conference center

• Emergency generator

• Proximity to Danbury Fair Mall, the new Whole Foods Market and Danbury Airport

• Energy Star rating of 90 out of 100; and 

• Panoramic views.

Jeff Dunne of the CBRE investment sales team and Steven Bardsley, CBRE senior vice president for CBRE Institutional Properties at CBRE/Capital Markets represented both the sides in the transaction.