Marcus Partners Announces Acquisition 40 Cross Street 70,000 sf Class A Medical Office Property Norwalk, Connecticut

A $650,000 capital improvement program to be undertaken.

Marcus Partners is pleased to announce the acquisition of 40 Cross Street, a 70,000 square foot Class A medical office property located in Norwalk, CT, on behalf of MCP Medical LLC. Marcus Partners will execute a $650,000 capital improvement program to further enhance and add the Marcus Partners brand to one of the leading medical properties in the market. Upgrades to 40 Cross will include new Class A finishes to the lobbies and common areas, new and faster elevators, new granite exterior entrance walkways and curbs, new signage and thoughtfully appointed landscaping. As importantly, the Marcus Partners management team will service the property to its best practices and standards to optimize the tenant and patient experience at 40 Cross.

David Fiore, Principal of Marcus Partners, said, “This acquisition fits in well with our investment strategy of purchasing good quality, well located commercial real estate at a reasonable basis, and with an opportunity to add value.” Mr. Fiore added, “We continue to seek commercial investment opportunities, including fee simple acquisitions, ownership restructurings and note purchases, in office, medical, biomedical, R&D and industrial assets throughout the East Coast markets and specifically in the Connecticut, Northern New Jersey, Westchester and Long Island markets, as we look to expand our Tri-State asset portfolio.”

40 Cross is conveniently located in the heart of Norwalk’s West Avenue medical corridor, directly off Route 7’s exit 1 interchange, and within walking distance to the Norwalk Hospital campus. 40 Cross offers best-in-class medical office and outpatient surgery center space and benefits from direct access to multiple retail, restaurant and banking amenities.

Marcus Partners has been actively growing through various types of acquisitions along the East Coast over the past 24 months, with 12 transactions in the Boston, Miami, Atlanta, Washington, D.C. and Suburban NYC markets totaling over 1.6 million square feet of office, bio-medical, medical office, R&D, and industrial space. This transaction brings Marcus Partners’ portfolio of properties owned and managed by its affiliates to over 5 million square feet.

March 2013