New Canaan Office Buildings Sell for $11.84M

Two office buildings in New Canaan have sold for a combined price of $11.84 million dollars. The two buildings, located at 39 and 49-51 Locust Avenue, sold to a local property management, sales, and leasing firm. The buildings, totaling 33,773 square feet, sold for approximately $350 per square foot. 39 Locust Avenue sold fully occupied, and 49-51 Locust Avenue sold 95% occupied.

39 Locust Avenue is situated on 0.43 acres of land, and was built in 1982. The 13,790 of office space is fully occupied by four tenants. The building’s largest tenant is the New Canaan Board of Education, which occupies 70% of the building. 49-51 Locust Avenue is situated on 0.58 acres of land, and was built in 1973. The property’s 19,983 square feet of space is occupied by eleven tenants.