International Pension Fund Buys Lee Farm Park

DANBURY, CT-Grosvenor Investment Management US Inc. has acquired Lee Farm Corporate Park here on behalf of an international pension fund. Grosvenor would not divulge the purchase price for the 215,000-sf multi-tenant office building or the name of the pension fund.

The property, developed in 1987, was sold by Danbury Prime Property LLC. Andrew Merin, vice chairman, and Patrick Colwell, senior director, of the New York Metropolitan Area Capital Markets Group of Cushman & Wakefield represented the seller.

The property is 95% leased. GE Capital currently leases approximately 51% of the building, according to Eric Cannon, associate, acquisitions with Grosvenor. The new owner plans to undertake some cosmetic improvements to the interior of the building and to the property’s landscaping, he adds.

“Grosvenor is pleased to complete the acquisition of Lee Farm, which was consummated at an attractive discount to replacement value,” says Dick Layman, senior managing director of Grosvenor. “Lower operating costs in the Greater Danbury area, access to labor, and more affordable housing help make this submarket a less expensive and highly viable business location alternative to Stamford and lower Fairfield County.”

Grosvenor Investment Management is the North American real estate investment management operation of London-based Grosvenor. It is the former Legg Mason Real Services, which Grosvenor acquired in March 2006. At year-end 2006, Grosvenor Fund Management (including GIM) had total funds under management of more than $5.3 billion internationally. Grosvenor is a privately owned international property group that represents the interests of the Grosvenor family headed by the Duke of Westminster.

The group undertakes real estate development and investment on its own behalf and on behalf of partners and investors through its regional operating companies and fund management business. It operates from 12 offices and has interests in 17 countries. Grosvenor manages or has interests in approximately $17.3 billion of real estate, company officials say.