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New Haven, CT | Class A Office Building | Closed on RealINSIGHT Marketplace

  • Feb 03, 2020
  • Marketplace Closings

245,389 SF, Class A Office Building In New Haven, Connecticut Sold For 110% Of Appraised Value

545 Long Wharf Drive Closed on RealINSIGHT Marketplace.RealINSIGHT Marketplace and Newmark Knight Frank (NKF) are pleased to announce the sale of 545 Long Wharf Drive in New Haven, CT. Formerly occupied by AT&T, the building is a nine-story 245,389 SF, Class A office building with a rare, unobstructed view of the Long Island Sound.

The New Haven economy continues to diversify, as its tech, life sciences and healthcare industries continue to grow. The vibrant culture and solid transportation infrastructure positions New Haven as an attractive destination for real estate investments.

“This is a truly dynamic area that has seen tremendous growth in recent years” said David Bortnick of RealINSIGHT Marketplace, “The partnership between NKF and the Marketplace platform proved powerful, delivering robust results for our client.

RealINSIGHT Marketplace and NKF developed a local and national marketing plan that centered around the asset’s position as a high-quality office building. Using digital, print and interactive mediums, the team focused on the upside potential in a market with scarcity of large blocks of space. The strategic, custom marketing approach attracted 15 registered bidders from across the United States and Canada, who feverishly competed in the live bidding process, ultimately leading to the successful sale of the asset for 110% of appraised value.

TRANSACTION HIGHLIGHTS INCLUDE:
•   Appraised Value: 110%
•   Signed Confidentiality Agreements: 107
•   Fully Vetted Bidders: 15