Lender-Facilitated Sale: Value-Add Office | 40 Richards

Highlights:

• Seven-story, 152,609 SF office building currently 22% leased to 14 tenants, offering a significant opportunity to increase occupancy and rental rates.
• Allows investors to acquire the asset at an attractively low basis and deploy capital improvements to unlock upside.
• Includes legal, media, consumer products, and professional service firms with an average remaining lease term of 2.3 years and below-market rents.
• Flexible multi-tenant floor plans, structured parking, a fitness center, café, and prominent tenant signage opportunities visible from I-95.
• Building floor plates, window lines and amenities offer potential for conversion to multi-family.
• Minutes from the South Norwalk waterfront, offering upscale dining, entertainment, and cultural venues.

Description:

RI Marketplace Online Auction July 14-16
Register to bid on Marketplace:

https://rimarketplace.com/auction/2593/lender-facilitated-sale-value-add-office-40-richards?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=office_2593

Newmark, in conjunction with RealINSIGHT Marketplace, is pleased to present for sale 40 Richards Avenue in Norwalk, CT. This seven-story, 152,609-square-foot office property represents a compelling repositioning opportunity within the heart of Norwalk, Connecticut. Currently just 22% leased to a diverse group of 14 tenants, the building’s low occupancy—combined with below-market in-place rents and short lease durations—creates an ideal scenario for an investor focused on leasing and income growth. With a lender-facilitated sale structure, the property can be acquired at a favorable basis, allowing for strategic reinvestment in capital improvements and tenant enhancements.

The property is outfitted with infrastructure that meets modern tenant expectations, including flexible multi-tenant layouts, structured parking, and on-site amenities such as a café and a fitness center. Tenants also benefit from branding and signage opportunities with visibility along Interstate 95, an asset not commonly found in suburban office offerings.

Its location is one of its strongest attributes. The building sits directly off I-95 and near the Metro-North Railroad, ensuring convenient access to New York City and other business centers in the region. The surrounding area has rapidly evolved into a true live-work-play environment, anchored by the vibrant Route 1 corridor. A Brookfield-owned mall with more than 70 national retailers, along with forthcoming openings of Target and Wegmans, add to the retail and lifestyle appeal. Just minutes away, the South Norwalk waterfront has become a magnet for residents and visitors alike, boasting a wide variety of shopping, dining, and entertainment options.

Norwalk’s position within Fairfield County, one of the nation’s most affluent regions, only adds to the asset’s appeal. The county is home to a high concentration of Fortune 500 companies and benefits from a dense and wealthy population base. Within a 15-mile radius of the property, nearly 700,000 residents earn average household incomes approaching $200,000—underscoring the strength of the surrounding market and its long-term potential.



Mick Consalvo
Tower Realty Corporation
2032415188
mconsalvo@towercorp.com

Documents: