Matthew Keefe of HK Group was the sole broker in the sale of a seven-story office building at 40 Richards Ave. to The Davis Companies of Boston, Mass. for $16.5 million. The seller was the Mack-Cali Realty Corporation.
The building contains a typical floor plan of 31,000 s/f. 44,000 s/f is currently vacant. The price per s/f is $113.41.
The sale represents the increasing interest in Fairfield and Westchester County office markets by institutional investors. It is also a natural extension of The Davis Companies ownership and management position of their class A property at 200 Connecticut Ave.
For more information, visit their website at www.hkgrp.com.