After acquiring two Norwalk office buildings last year, Valley East Management has purchased a Post Road property in Fairfield for $10 million.
CBRE announced the sale price on Wednesday for 2150 Post Road, with the previous owner an entity managed by Davis Marcus Partners which acquired it for $11.3 million in 2005. The office was built in 1988.
Valley East Management stated it believes suburban offices are getting renewed interest during the COVID-19 pandemic as city office employers scout satellite space to help workers avoid the commute. Valley East also owns a pair of Norwalk office buildings at 200 Connecticut Ave. and 40 Richards Ave.
The building at 2150 Post Road has leases in place on 96 percent of its offices which total more than 50,000 square feet of space. The town of Fairfield appraised the building last year at nearly $10.2 million.