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September 17, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Two-building Darien Green sold for nearly $5M; will re-emerge as Darien Crossing

The two-building office campus known as Darien Green has been sold for $4.935 million to a pair of developers who plan a major capital improvement project that will result in rebranding it as Darien Crossing.

The 79,287-square-foot campus – a 50,182-square-foot office building at 320 Boston Post Road and a 29,105-square-foot office building at 330 Boston Post Road in downtown Darien – has been sold by Normandy Real Estate Partners to a new entity consisting of Redding-based Fletcher Development and Westport-based Silver Heights Development. The buildings, constructed in 1976-78, sold for $62 per square foot with an 82 percent vacancy rate.

“Darien Crossing is the epitome of an asset in need of modernization and a new identity,” said Nick Fletcher, a member of the new ownership group. “We are all local guys, and there is a real sense of purpose to create a product that exceeds market expectation. We see this as a blank canvas, and as such, there is great opportunity to differentiate ourselves and to bring something unique to the market.”

Plans call for a full interior and exterior capital improvement project, including but not limited to a new entryway to the property; a modern redesign of the exterior façade; upgrades to the lobby, all common areas and interior lighting; upgraded/new tenant amenities; rejuvenated landscaping and exterior common spaces; and improved parking lot lighting.

The office space and floor plates feature what the owners called “very flexible layouts” that can be tailored to a wide variety of tenants, with spaces ranging from 3,000 to 50,000 square feet of building contiguous space.

Ownership has appointed Stamford-based commercial real estate firm RHYS as its exclusive leasing agent; leading the assignment will be that firm’s Executive Vice President and Partner and Director Alex Haendler.

Work will proceed immediately with Granoff Architects of Greenwich, Forstone Construction of Darien and Wesley Stout Associates of New Canaan.