Marcus Partners Purchases 8 and 10 Wright Street in Westport, CT
Marcus Partners today announced the acquisition of 8 and 10 Wright Street office buildings as the company’s first investment in its newest fund, Marcus Capital Partners Fund II.
The buildings, containing 84,000 sf of office space, are uniquely located in Westport with sweeping views over the Saugatuck River and historic Westport Center. The immediate neighborhood is thriving with coffee shops, restaurants, bars, the Westport Arts Center, and antique shops.
Westport Center, which is a short walk away, boasts one of the most sought after Main Street addresses in America, including national and local retailers and a thriving arts and literary community.
“We see 8 and 10 Wright Street as being a classic situation where the existing property is substantially underutilizing its special place within a community,” said David Fiore, principal in charge of Marcus Partners’ Metro New York office in Norwalk, CT.
As such, Marcus Partners plans a comprehensive renovation to 8 and 10 Wright Street, investing about $4 million to transform it into a best-in-class property by providing new, enlarged windows, from just above the floor to ceiling, to take full advantage of the panoramic views, and redesigning and upgrading the landscaping, parking decks, lighting, paving, entrances, and signage on the site. Also being upgraded are the lobbies, elevators, restrooms and mechanical systems in the buildings.
“When the transformation is complete, we expect 8 and 10 Wright Street will set the standard for excellence in office properties within the Westport community.” Fiore said.
Marcus Partners is one of the largest owners and managers of real estate in the Fairfield County market. It owns, manages, or owns and manages more than three million square feet of commercial space out of its New York Metro office in Norwalk, CT, and more than five million square feet of commercial space overall along the East Coast.
“We have invested in this thriving part of the country for more than 20 years, and we look forward to further investments in the near future as we progress with our new Fund II,” said Paul Marcus, Chief Executive Officer of Marcus Partners.
Marcus Partners will continue to actively grow its commercial real estate portfolio through its Fund II with value-add acquisitions of office, bio-medical, medical office, research and development, and industrial space in East Coast markets such as Metro Boston, suburban New York City (including Connecticut, New Jersey, and New York), Metro Washington, D.C., and other select East Coast markets.
H. Gary Gabriel led Cushman & Wakefield’s acquisition efforts for Marcus Partners. The team included Tom O’Leary, David Bernhaut, and Andy Merin. Steve Baker, Adam Klimek and Tom O’Leary of Cushman & Wakefield will oversee leasing and marketing efforts at 8 and 10 Wright Street for Marcus Partners going forward.
“The sale process for 8 and 10 Wright Street was extremely competitive,” said Gabriel. “Marcus Partners distinguished itself through its performance and entrepreneurial approach to the transaction. Given the firm’s entrepreneurial culture and ability to make quick decisions, 8 and 10 Wright Street will benefit greatly under Marcus Partners ownership.”
October 2014