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December 24, 2024

Major Norwalk office building sold in 2018 for $16.5M; trades hands this month for $5.5M

COSTAR 535 Connecticut Ave., Norwalk
By Greg Bordonaro

The sluggish office market is having a significant impact on office property values. 

The most recent example is a 191,128-square-foot Norwalk office building at 535 Connecticut Ave.

The six-story property, built in 1988 and sitting on 1.71 acres, sold in September 2018 for $16.5 million, according to city records. 

The property traded hands again earlier this month for $5.9 million, land records show. It’s not clear what the building’s current vacancy rate is. 

The buyer is listed as two limited liability companies: 535 Norwalk LLC and Five Hundred Thirty Five Norwalk LLC, land records show. 

The seller was Greenwich-based Hanover Real Estate Partners, which purchased the property in 2018. 

The sale comes as Norwalk contends with one of the state’s weakest office markets. The city, with 5.7 million square feet of office space, recorded a 40.6% vacancy rate at the end of the third quarter, according to real estate services firm Cushman & Wakefield. 

That was the highest vacancy rate in Fairfield County, which has 37.8 million square feet of total office space that was 27.6% vacant at the end of the third quarter, according to Cushman & Wakefield.
 

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