A New York developer has made its second office property acquisition in Westport this year, acquiring a 42,432-square-foot office building for $16.5 million.
The Feil Organization bought the 33 Riverside Ave. property from Abbey Road Riverside LLC in a transaction brokered by CBRE.
The five-story building overlooking the Saugatuck River is 91-percent occupied, with a weighted average lease term of almost eight years.
The transaction is the second in the area for The Feil Organizaiton, which acquired 285/355 Riverside earlier this year for $43 million.
CBRE’s Jeffrey Dunne, Steven Bardsley Jeremy Neuer, David Gavin and Travis Langer represented the seller and procured the buyer.