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% 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.