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Westport Office Portfolio Sells for $26.5M

WESTPORT, CT-A portfolio of four office buildings totaling about 120,000 sf here have been sold by MetLife to a group of local investors for $26.5 million, according to CB Richard Ellis' Tri-State Investment Team which helped broker the deal.

By John Jordan | Updated on April 23, 2002

WESTPORT, CT-Four office properties here that total approximately 120,000 sf have been purchased by a local investment group from MetLife for $26.5 million.

CB Richard Ellis’ Tri-State Investment Team brokered the sale on behalf of SSR Realty Advisors, which acted as an advisor to the owner, MetLife.

The properties that were sold–301 Riverside Ave., 191 Post Road West, 276 Post Road West and 500 Post Road East, were in the portfolio of MetLife’s Tower Fund, a real estate investment fund that is managed by SSR Realty. The properties were sold via bid and attracted significant interest, including proposals by national real estate firms, REITS as well as other local investment firms, says Jeff Dunne, leader of CB Richard Ellis’ Tri-State Investment Team. The portfolio includes one waterfront property, as well as a net-leased building, and is 98% occupied. Some of the tenants that occupy space at the properties include Tauck Tours, Terex, Triple Point Technologies and Indian Asset Management.

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