The Westport office property 54 Wilton Road has changed hands for an undisclosed sum.
Built in 1960 and formally known as Bankside at National Hall, the two-story, 25,779-square-foot building is along the Saugatuck River and is 100% leased with three tenants: Gemspring Capital, Compass and Coastal Bridge Advisors.
The property, which was part of the Save the Children site before the nonprofit left Westport for Fairfield in 2013, was renovated by the seller in 2018.
CBRE’s Institutional Properties represented the seller, a joint venture between an unnamed Connecticut-based real estate investment firm and Westport-based David Adam Realty. CBRE also procured the buyer, a joint venture between Empire Square Group and an offshore entity. David Adam Realty will continue to manage the property.
“The Westport market continues to out-perform, sustaining a strong demographic makeup that is poised to continue attracting and retaining wealth management and financial services companies” said Jeffrey Dunne, vice chairman at CBRE. “We anticipate that the healthy office market coupled with 54 Wilton’s long-term leases should provide Empire with stable cash flow for years to come.”