A pair of Class A office buildings in Westport, 285 & 355 Riverside Ave., were sold for $43 million.
The properties total 94,647 square feet and are situated directly on the Saugatuck River, offering water views and convenient access to downtown Westport. The tenants in the properties include RBC, Raymond James, Sterling Investment Partners and IXM Trading.
The team of Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Stuart MacKenzie of CBRE”™s Institutional Properties Group represented the seller, 285 & 355 Riverside LLC, a partnership including Baywater Properties and an investment fund advised by True North Management Group, LLC. CBRE also procured the buyer, The Feil Organization Inc.
“Westport attracts many financial institutions and wealth management offices due to the high net worth clientele in the area,” said Dunne. “The extremely tight Westport office market with less than 5 percent vacancy and high barriers to entry is further buoyed by the phenomenal migration into Connecticut, creating very positive market dynamics for The Feil Organization.”
Photo: 285 Riverside Ave., courtesy of LoopNet.
