May 2011

Clarion Partners Acquires Phelps’ interest, Creates New Venture with Marcus Partners at 1.4MM sf Merritt 7 Corporate Park

Clarion Partners announced today that, on behalf of one of its pension fund clients, it has acquired the minority interest of its partner of over 15 years, Fairfield Investors, in Merritt 7 Corporate Park, one of the leading office parks in Fairfield County with over 1.4 million square foot, in six building Class A office buildings strategically located at the intersection of the Merritt Parkway and Route 7 in Norwalk, Connecticut.

Bert Phelps, the managing principal of Fairfield Investors whose vision resulted in the original development of Merritt 7, announced that he will retire from his position as Chairman of ADP Service Corporation.  John Crosby, President, will assume that role and continue to lead the company with a renewed focus on the growth of its construction management business.  As a result, Clarion Partners has announced that it has formed a strategic partnership with Marcus Partners which provides in part for a subsidiary of Marcus Partners to assume property management and leasing services at Merritt 7.

Katie Vaz, Vice President of Clarion Partners, who will continue to lead the firm’s Merritt 7 asset management team, noted “Clarion Partners has enjoyed a successful partnership with Mr. Phelps and John Crosby for over 15 years on this premier Fairfield County office asset. We wish Mr. Phelps well and look forward to the prospect of continuing to work with Mr. Crosby on construction related projects going forward.  By teaming with Marcus Partners, we are confident we are well-positioned for the future in providing the finest office environment available in the market at Merritt 7.”

“Over the past 10 years, the major growth corridor in Fairfield County has been the Route 7 corridor – a market that Mr. Phelps and Mr. Crosby created with Merritt 7 during the 1970s and 1980s”, noted David Fiore, Principal and head of Marcus Partners’ operations in Connecticut.  “The opportunity to partner with Clarion in maintaining and enhancing Merritt 7’s position as one of the premier suburban office parks in Fairfield County is very exciting for the Marcus Partner’s team.”

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