JV Buys Connecticut Office Buildings, Plans Conversion Project
Bank OZK issued a $75.5 million senior construction loan for the redevelopment.
Rendering courtesy of CBRE
A joint venture comprising Saber-Hightower, Granoff Real Estate and Wind River Holdings has purchased 101 and 201 Merritt 7, two Class A office buildings in Norwalk, Conn., with the intention of converting them into a luxury apartment community. CBRE represented the seller and procured the buyer.
New York State Teachers’ Retirement System had previously owned the properties since 1995, according to Yardi Matrix information.
Bank OZK provided a $75.5 million senior construction loan for the office-to-residential redevelopment project. The future multifamily property will be dubbed M7 Lofts.
In January 2026, Argent Ventures paid $58.5 million to NYSTRS for four other office buildings within the same office campus. The portfolio comprised the assets at 301-601 Merritt 7, which amount to 945,033 square feet.
The CBRE team included Vice Chairman Jeffrey Dunne, First Vice President Eric Apfel, Director Travis Langer and Senior Financial Analyst Eric Greenberg.
The future M7 Lofts
Delivered in 1980 and 1982, the two office buildings total 511,318 square feet and are part of the Merritt 7 office park. The 6.5-acre site housing the two assets could carry an as-of-right residential density of up to 564 units. However, upon completing the conversion, M7 Lofts will feature only 286 apartments, reflecting the ownership’s preference for a “boutique-style” community. The partnership plans to keep a large portion of the property’s existing parking area.
READ ALSO: Office-to-Residential Conversions in New York City
The 55,000-square-foot amenity space will encompass a fitness center, yoga studio, coworking space, podcast room, children’s playroom and pet space. Outdoor features will include a pool deck, private gardens, two dog parks and a community green space.
The properties have access to U.S. Route 7 and are adjacent to the Merritt 7 Metro-North train station, which connects the area to Grand Central Terminal in Manhattan, less than 50 miles southwest. Downtown Norwalk is some 3 miles away.
Though it is no surprise that New York City ranks among the top metros in terms of its office-to-residential conversion pipeline, with more than 16,358 units expected to be delivered this year, according to a RentCafe report, these projects tend to coagulate in Manhattan and Brooklyn and less on the outskirts.
And although office attendance has returned to pre-pandemic levels, the number of apartment conversions in the Big Apple rose 97 percent year-over-year, with many older office assets presenting redevelopment opportunities due to their layouts fit for residential use.
