Waterfront Westport Office Building Sold For $16.5 Million

The following announcement is from CBRE Group, Inc.:

WESTPORT, CT — CBRE announced today the $16.5 million sale of 33 Riverside Avenue, a Class A office building totaling 42,432 sq. ft. in Westport, CT. The team of Jeffrey Dunne, Steven Bardsley Jeremy Neuer, David Gavin and Travis Langer of CBRE’s Institutional Properties Group represented the seller, Abbey Road Riverside LLC, while also procuring the buyer, The Feil Organization, Inc. The acquisition of 33 Riverside follows Feil’s $43 million purchase of 285/355 Riverside, (less than a mile away), earlier in 2022, which CBRE also marketed.

The 91 percent occupied, five-story waterfront building is situated directly on the Saugatuck River, offering striking water views and a convenient walk to amenity-rich Downtown Westport. The efficient floor plates at 33 Riverside provide flexible layouts for the discerning tenant in one of the most affluent communities in the U.S. A weighted average lease term of almost eight years from the anchor tenants, coupled with a robust and very tight office market in Westport, provides a stable investment with measured future upside from below market rents.

“Westport attracts many entrepreneurial businesses, private equity firms and wealth management offices due to the high-net-worth clientele in the area,” said Dunne of CBRE. “The extremely tight competitive set, with less than 5 percent vacancy, coupled with high barriers to entry provides very positive market dynamics for The Feil Organization.”

CBRE Institutional Properties Group is marketing several attractive investment opportunities including: The Woodbury Portfolio, a six-building, 719,317 sq. ft. office portfolio, Woodbury, NY; Chappaqua Crossing, a 490,000 sq. ft. value-add medical office property in Chappaqua, NY; and Harborside, a 3.2 million sq. ft., five-building value-add opportunity on the waterfront in Jersey City, NJ.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.