The Feil Organization managed a move in Westport’s tight office market, snapping up two properties in the area for a combined $43 million.
Feil purchased the properties at 285 and 355 Riverside Avenue in the Connecticut town from 285 & 355 Riverside LLC, the Westchester & Fairfield County Business Journals reported. The LLC is composed of several partners, including Baywater Properties and an investment fund advised by True North Management Group.
The properties, which are only a minute’s drive away from one another, include more than 94,000 square feet of Class A office space, according to WestFair. Tenants in the buildings situated on the Saugatuck River include RBC, Raymond James, Sterling Investment Partners and IXM Trading.
A CBRE team including Jeffrey Dunne and Steven Bardsley represented the seller and procured the buyer. Dunne told the outlet the Westport office market has a vacancy rate below 5 percent, making it a challenging market to crack.
“Westport attracts many financial institutions and wealth management offices due to the high net worth clientele in the area,” Dunne said.
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In October, a standalone office building in the town sold to an entity affiliated with Waterway Capital LLC for $15 million. The 35,000-square-foot building was fully leased to two tenants, mostly Wells Fargo; the seller was an entity affiliated with Earle W. Kazis Associates.
Feil owns a number of office properties across the country, including several in New York City and Long Island. This does appear to be the developer’s first office purchase in Connecticut, though.
The developer last year filed plans with the Department of Buildings for a 43-story tower at 356 Fulton Street in Downtown Brooklyn. The building will be nearly 475,000 square feet in size, including approximately 100,000 square feet for commercial use. The building will include 421 apartments, 30 percent of which will be set aside for affordable housing.
[WestFair] — Holden Walter-Warner