Westport Waterfront Property Sells For $43 Million

WESTPORT, CT — A two-building waterfront property Riverside Avenue in Westport has sold for $43 million, according to the real estate firm CBRE.

In a news release, CBRE officials said the property, located at 285 and 355 Riverside Avenue, features two Class A office buildings totaling 94,647 square feet. Situated directly on the Saugatuck River, the property offers water views and convenient access to the downtown area.

According to CBRE, these two architecturally distinct buildings provide unique layouts in an affluent community. Tenants include RBC, Raymond James, Sterling Investment Partners and IXM Trading.

Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Stuart MacKenzie of CBRE's Institutional Properties Group all represented the seller, 285 & 355 Riverside LLC, a partnership that includes 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," Dunne said in a news release. "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."