Nyala Farms sold

Abstract

Clarion Capital, a Boston, Mass.-based real estate investment company, has signed a contract to buy Nyala Farms Corporate Center, a 400,000-square-foot office complex Westport.

Clarion Capital, a Boston, Mass.-based real estate investment company, has signed a contract to buy Nyala Farms Corporate Center, a 400,000-square-foot office complex Westport.

Clarion officials did not respond to repeated requests for comment, but real estate sources said the company could close the deal this month.

Fallon Hines & O'Connor Inc. in Stamford is the sales agent for Nyala Farms. An official of Fallon Hines, who requested anonymity, said an announcement could come within two weeks.

Michael Siegel, executive director of the real estate brokerage Insignia/ESG in Stamford said he'd heard Clarion was buying the complex, which has five interconnected buildings. "Clarion is interested in Nyala Farms. I think they would try to close the deal by the end of December Steel said the two parties were "very close to completing" the deal, which will give Clarion control of approximately 10 percent of Farfield County's office properties. Clarion also owns the nine-building Greenwich Office Park, another prime site in the county.

Siegel said he did not know the purchase price but, "would have to assume, because of the nature of the property, it would be in excess of $250 per square foot.

In May, when the property was put on the market for sale, its. owner Stauffer Management Co. said the price should be in the $100 million range.

Although the real estate market has been depressed somewhat because of the recent turmoil on Wall Street, Siegel said Nyala Farms is "such a sought-after property" that its appeal has not diminished.

"The property is nothing less than gorgeous. The buildings are of extremely high quality. The only way to describe it is a trophy Nyala Farms, located on 54 acres next Interstate 95 at exit 18, once housed the headquarters of Stauffer Chemical Co.

Stauffer Management, a subsidiary of Zeneca Holdings Inc., acquired Nyala Farms in 1987 as part of a deal to purchase Stauffer Chemical. Brian A. Spiller, president of Stauffer Management, said the sale was the culmination of a long-range strategic plan, which was put in place when the property was acquired.

The complex was renovated five years go and now includes new granite-clad lobbies and bathrooms, plus the latest technology in security, fire alarms and fiber optic communications.

Phibro Energy, a subsidiary of Salomon Smith Barney Inc., Playtex Home Products, Cognizant and AIG Financial Products are among the tenants in the complex.

Clarion Capital provides real estate-related fixed-income investment management services to institutional and high-net-worth investors. It is an affiliate of New York City-based Clarion Partners, formerly known as Jones Lang Wootton Realty Advisors (JLWRA). In. 1996, JLWRE senior management bought the majority interest held by Jones Lang Wootton USA and changed its corporate name to Clarion Partners.

As of June 30, Clarion Partners managed about $6.7 billion of gross real estate assets invested in 63 office, retail, residential and industrial investments.