Dunne, Caruso, Pride, Bardsley and Reilly of CBRE represent General Electric in $31.5m sale of former headquarters

Jeffrey Dunne, CBRE

Fairfield, CT According to CBRE Group, Inc., Jeffrey Dunne, Robert Caruso, Gene Pride, Steve Bardsley and Colin Reilly of CBRE represented The General Electric Company in the sale of its former global headquarters to Sacred Heart University for $31.5 million.

The property is a unique piece of real estate consisting of 66.8 acres with three main buildings that were constructed from 1974 through 1984 that include a 28-room guest house & conference center with two office building containing 495,436 s/f of rentable space. Unique features of the asset include a helicopter landing pad, full commercial kitchen, fitness center, structured garage parking, redundant power and auditorium. The property was vacant at the time of the sale.

3135 Easton Turnpike - Fairfield, CT

Dunne said, “GE is an important client of CBRE and we are pleased to have represented this global business leader in the sale of their former headquarters to Sacred Heart University. The offering generated considerable interest as nearly 70 distinct buyer groups requested property information with 25 groups touring the asset. Ultimately, Sacred Heart demonstrated the strongest commitment to purchase the property. The university’s desire to further expand its presence in Fairfield while the property’s ability to provide both near term and long range planning flexibility make the acquisition a logical purchase.” 

The CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years. 

CBRE Group, Inc. , a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.