10/17/2019

Covia Building in New Canaan Sells for Nearly $7M

Covia has finalized the sale of its office building downtown, taking it out of consideration as a potential site for a new New Canaan Police headquarters.

 

According to property transfer records at the Town Clerk’s office, the three-story, 30,000-square-foot office building at 258 Elm St. sold fo Besen Partners LLC for $6.925 million.

 

The building had been mentioned as a possible new site for New Canaan Police Headquarters. Now, First Selectman Kevin Moynihan said Monday, the Town will again focus on an expensive renovation of the current police station at 172 South Ave., a former school building.

 

Covia was owner and sole occupant of the office building at 258 Elm St., before announcing it would close the location late in 2018.

 

The purchase “represents the first acquisition in Besen’s targeted investment strategy to acquire quality office buildings in supply constrained upscale neighborhoods that have the ability to cater to smaller tenants whose office locations are primarily determined by convenience to area amenities and housing,” according to a press release from Besen Partners.

 

The building is near the downtown New Canaan train station.

 

“The Elm Street property fits our strategy perfectly,” Besen Chief Investment Officer Daniel J. Steinberg said in a press release. “The affluence of New Canaan coupled with the strong real estate fundamentals make this a perfect property for our program.”

 

Besen’s affiliate, New York City Management, which presently manages more than 180 residential and commercial properties for its clients, will manage the New Canaan building.

 

 

Avison Young’s Fairfield/Westchester offices will be marketing the property to prospective tenants and negotiating leases for the office space, according to a press release.

 

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