Investment Firm Buys 2 Westport Office Buildings For $43 Million

WESTPORT, CT — Two Westport office buildings situated along the Saugatuck River were recently sold to a real estate firm for $43 million, multiple news outlets reported.

Calling the sale "one of the largest deals in Connecticut in the past year, in terms of price per square foot," Real Estate Weekly reported that investment firm The Feil Organization bought the office buildings located at 285 and 355 Riverside Ave., Westport.

The buildings are 96 percent leased, Real Estate Weekly reported, with tenants like Raymond James, RBC Wealth Management and Sterling Investment Partners.

"Westport attracts many financial institutions and wealth management offices due to the high net worth clientele in the area," said Jeffrey Dunne, a member of the CBRE Institutional Properties Group team that represented the buyer, as reported by NEREJ. "The extremely tight Westport office market with less than five 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."

The Riverside Avenue buildings are The Feil Organization's first foray into the Connecticut real estate market, but the company owns properties in nearby New York and Washington, D.C. as well as Florida, Illinois, Indiana and Louisiana.