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Tri-State

Westport office building trades hands for $15M

35,77-square-foot property is 100% leased to two tenants

View of 450 Post Rd E (loopnet.com)
View of 450 Post Rd E (loopnet.com)

A standalone office building in Westport, Connecticut, has sold for $15 million to an entity affiliated with Waterway Capital LLC, according to Westfair Online.

The 35,777-square-foot building at 450 Post Road East is fully leased to two tenants. Wells Fargo leases around 88 percent of the office space.

The seller was an entity affiliated with Earle W. Kazis Associates Inc, represented by CBRE. The brokerage also procured the buyer.

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CBRE’s Jeffrey Dunne, who was involved in the deal, told the publication that vacancy in the Westport office market is below than 5 percent and that the market attracts financial institutions and wealth management offices because of the area’s wealthy residents.

Westport’s 06880 zip code has one of the highest median household incomes in the state, according to the Hartford Courant.

CBRE also arranged the sale of a 25,779-square-foot complex in Westport last year. Tenants there included Compass, Gemspring Capital and Coastal Bridge Advisors.

[Westfair Online] — Dennis Lynch

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Commercial Real EstateOffice Real EstateTristate-weeklyWestport