Large Fairfield Office Building Sold To New York Company

FAIRFIELD, CT — A New York management company recently purchased a 50,000-square-foot office building in the heart of Fairfield.

Valley East Building Management LLC bought the Mill River Building, a boutique office property at 2150 Post Road, according to a news release, which described the structure as “an architectural icon with convenient proximity to I-95 and walkability to the Fairfield Metro-North train station.”

The purchase, announced Wednesday, comes after Westbury-based Valley East last year made its first buys in Connecticut with two Norwalk office buildings — one at 200 Connecticut Ave. and another at 40 Richards Ave., where the company turned the entire third floor into a coworking space called Norworx.

“The pandemic has corporate America rethinking urban office occupancy, and the suburban office sector is poised to capitalize as a work-from-home alternative,” Valley East Partner Bob Agahi said in the news release.

Valley East did not disclose how much it paid for 2150 Post Road in the news release, but the 3.5-story building was appraised in 2020 as being worth roughly $10.2 million, according to town property records. Constructed just over 30 years ago, the structure was most recently owned by Reservoir Associates LLC and The Davis Companies, which bought the site in 2005.

While Valley East reported the building maintains “a stable occupancy,” according to the news release, suites are available for lease. The company emphasized its hands-on approach to management and leasing.

“I pride myself on personal communication,” Partner Jeffrey Supinsky said in the news release. “Tenants can reach me by cellphone any day, any time, for any reason.”