Riverside Plaza In Westport Sold For $16.5 Million
26 Oct, 2005, Westport, CT
Highest price per square foot ever paid for an office building in Westport
Cushman & Wakefield today announced the completion of the $16.5 million sale of Riverside Plaza at 33 Riverside Avenue in Westport, Conn. The 41,762 square foot Class-A office property was sold by Riverside Associates to Abbey Road Investors of Westport.
Built in 1972, Riverside Plaza is comprised of four floors of office space over two floors of covered parking. The property, which is fully leased, features water views of the Saugatuck River and is within walking distance of downtown Westport.
Patrick Colwell, senior director of Cushman & Wakefield's Capital Markets Group and Jim Fagan, senior managing director and head of Cushman & Wakefield's Fairfield and Westchester County offices, handled the sale of the property and procurement of the purchaser.
"Riverside Plaza is centrally located within walking distance to the upscale restaurants and retail shopping in downtown Westport," said Mr. Colwell. " Abbey Road Investors had a rare opportunity to purchase a fully-occupied asset with constant cash flow in one of the most favorable submarkets in Fairfield County. At $395 per square foot, this is the highest price per square foot ever paid for an office building in Westport."
Riverside Plaza is located on Route 33 (Riverside Avenue) near the interchange with U.S. 1. The property is in close proximity to the Merritt Parkway, I-95 and the Metro North Railroad. Major tenants at Riverside Plaza include Levett Rockwood P.C.; Webster Insurance; AT&T Wireless; Verizon Wireless; and T-Mobile Wireless.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
Contact: Alison Miller