CBRE Group represented Rugby Realty Company in the sale of a 56,496-square-foot, Class-A office property located at 889 Bridgeport Avenue in Shelton, CT. Patrick Colwell and Louis Zuckerman of CBRE’s Investment Property Team arranged the $7.3 million sale on behalf of the seller and also procured the buyer.

Maurice Ades, Managing Partner of Rugby Realty commented: “Immediately after we purchased the property we went on a multimillion dollar campaign modernizing the property including the lobby and all common areas which resulted in the property quickly becoming 100% leased.”

Alpha AG LLC acquired the office property as an investment and utilized CBRE’s Mortgage Services to obtain financing. The 56,496-square-foot building is currently 93 percent occupied by a roster of strong credit tenants and is located just off of Exit 11 on Route 8.

Built in 1985, One Greenwich Place was renovated in 2000 and 2012 and boasts a new lobby, entrance, landscaping, HVAC and common corridors. One Greenwich Place is conveniently located near numerous retail shopping and top restaurant destinations.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.