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301 Merritt 7 Norwalk, Conn...

Terenity Inc. Relocates Headquarters To Norwalk's Merritt 7 Park
LEASEDOffice

Terenity Inc. Relocates Headquarters To Norwalk's Merritt 7 Park

301 Merritt 7 Norwalk, Connecticut 06851, USA

Building Size

27,211 SF

Asset Type

Office

Closing

Aug 10, 2023

AI

Clarion Partners LLC and Marcus Partners have secured three new tenants at Norwalk's Merritt 7 Park, including Terenity Inc., which is relocating its headquarters from Stamford. The office property located at 301 Merritt 7 in Norwalk, CT spans across 27,211 square feet. The asset is part of the office market in Norwalk, CT.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not available
  • Address: 301 Merritt 7, Norwalk, CT
  • Square Footage: 27,211
  • Market: Norwalk, CT

The landlords involved in the transaction are Clarion Partners LLC and Marcus Partners. Terenity Inc. was the tenant who decided to relocate its headquarters from Stamford. The deal was facilitated by William Montague and Kevin Foley of Cushman & Wakefield, who represented the involved parties as brokers in the transaction.

Players

Kevin Foley

CBRE

Broker

$331.2M

vol

19 deals

Broker
Clarion Partners
Clarion PartnersLender
Clarion Partners
Clarion PartnersLandlord

Norwalk Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93