Global commercial real estate advisory firm Newmark today announced the sale of a 15,000-square-foot building within Commerce Center, in Trumbull, CT. A Newmark team of Senior Managing Director Tim Rorick, Managing Director Torey Walsh and Associate Jack McDermott brokered the sale on behalf of the seller, Cambridge Hanover. The undisclosed buyer was represented by Avison Young Principal and Managing Director Sean Cahill.
The 15,000-square-foot, three-story office building originally built as part of a larger structure for the corporate headquarters of Pilot Pen Corporation is set in a picturesque commercial park and offers convenient transportation through its proximity to Route 8 and the Merritt Parkway.
Cambridge Hanover renovated the park in 2017 to reposition the space towards multi-tenancy. 60 Commerce Drive is comprised of one warehouse structure and two traditional office towers, connected by an elevated walkway. The smaller 15,000 SF office tower will serve as the new owner’s corporate headquarters.
“Commerce Center’s flexibility is unrivaled, and the park’s ability to adapt and be reconfigured to satisfy the needs of all types of users is tremendous,” said Rorick. “Its location makes it a marquee site for any corporate headquarters, as evidenced by this transaction.”
“We are proud of the new purpose we were able to give the front building of Commerce Center as the Connecticut headquarters for this new buyer,” said Jonathan Garrity, president and CEO of Cambridge Hanover. “It is wonderful to have a user who appreciates the unique structure and is as excited about the space as we are.”
Newmark is the leasing agent for the remainder of Commerce Center, which currently has 16,000 square feet of office space and 31,000 square feet of warehouse space available, with the potential to expand the warehouse by another 30,000 square feet.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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