Normandy purchased this highly desirable portfolio of seven buildings in prestigious Westport, Connecticut, totaling approximately 145,190 square feet, for approximately $40 million. Upon acquisition, the portfolio was 100% leased, but only 50% occupied. The strategy was to negotiate lease terminations for the unoccupied space and re-lease and reposition the buildings to smaller tenants. We received over $1.4 million in buy-out payments to cover costs and improvements, and implemented a $2.5 million capital expenditure program. The property was successfully re-leased in 18 months, substantially ahead of pro-forma. We sold the portfolio for $54.2 million in just 25 months, generating a substantial profit.