Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTPORT, CT-Locally based Abbey Road Investors has acquired the Riverside Plaza office building here from Riverside Associates for $16.5 million. The 41,762-sf building at 33 Riverside Ave. sold for the highest price per sf–$395–of any commercial office property in the history of Westport.

Abbey Road Investors, headed by principals Mark Keeney and Jim Digney, two former executives of MetLife, bested about a dozen bidders for the property, a Cushman & Wakefield official notes. Built in 1972, Riverside Plaza is comprised of four floors of office space over two floors of covered parking. The property is fully leased. Its major tenants include the law firm Levett Rockwood P.C. Webster Insurance, a subsidiary of Webster Bank, AT&T Wireless, Verizon Wireless and T-Mobile Wireless.

Patrick Colwell, senior director of C&W’s Capital Markets Group, and Jim Fagan, senior managing director and head of Cushman’s Fairfield and Westchester County offices, handled the sale of the property and the procurement of the purchaser. “Riverside Plaza is centrally located within walking distance to the upscale restaurants and retail shopping in downtown Westport,” says Colwell. At $395 per sf, this is the highest price per sf ever paid for an office building in Westport, he adds. In July, the ownership of Riverside Plaza sold its 80,000-sf office complex at 8 and 10 Wright St. to a joint venture of Prescott Capital Management of New York City and Onyx Equities LLC of Woodbridge, NJ for $24.9 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.