Boston-based Marcus Partners has purchased two Westport, Conn. office buildings for $16.35 million.
Marcus Partners acquired 8 and 10 Wright St. as the company’s first investment in its newest fund, Marcus Capital Partners Fund II. The buildings consist of 84,000 square feet of office space and are located near shops, restaurants and the Westport Arts Center.
"We see 8 and 10 Wright St. as being a classic situation where the existing property is substantially underutilizing its special place within a community," David Fiore, principal in charge of Marcus Partners’ Metro New York office in Norwalk, said in a statement.
Marcus Partners plans to invest $4 million renovate the properties. Renovations will include enlarged windows as well as redesigning and upgrading the landscaping, paving, entrances, and signage on the site. The lobbies, elevators, restrooms and mechanical systems will also be upgraded.
Cushman & Wakefield’s H. Gary Gabriel led acquisition efforts for Marcus Partners. The team included Tom O’Leary, David Bernhaut and Andy Merin. Steve Baker, Adam Klimek and Tom O’Leary, also of Cushman & Wakefield, will oversee leasing and marketing efforts at 8 and 10 Wright St.
"The sale process for 8 and 10 Wright St. was extremely competitive," Gabriel said in a statement. "Marcus Partners distinguished itself through its performance and entrepreneurial approach to the transaction. Given the firm’s entrepreneurial culture and ability to make quick decisions, 8 and 10 Wright St. will benefit greatly under Marcus Partners ownership."