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What's the Deal? Hot off the Auction Block

  • Mar 01, 2020
  • Marketplace In The News - New Haven Biz

The property attracted 15 registered bidders, and seven of them clicked to submit a bid. By the close, 20 bids were received, according to Shevlin, who says the auction attracted buyers from around the country.

On March 1, 2020, New Haven Biz reported on the online CRE auction sale of 545 Long Wharf, the former AT&T headquarters office building in New Haven, Connecticut. Despite the prime location on the New Haven waterfront, the nine-story, 245,389 SF office had only been partially occupied since AT&T’s departure in 2017.  The principals involved in the sale were looking for a way to dispose of the building and felt that an online commercial real estate auction would be the best avenue for them to sell their commercial property. Historically, you would have a hard time finding a Class A property in an online auction, but today, it’s become more and more common due to ability to reach a broader buyer pool of CRE investors, gain more exposure, and create more competition which ultimately leads to higher sale prices.

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