NEW YORK—EWKAI Post Road Properties LLC, an entity controlled by New York-based Earle W. Kazis Associates Inc., has purchased 450 Post Road East in Westport, Conn. for $12.625 million. The seller, Baywater TN 450 Post Road LLC, a joint venture of Baywater Properties LLC and True North Management Group LLC, was represented by Jeffrey Dunne, Steven Bardsley and Patrick Carino of CBRE’s New York institutional group and Gene Pride of CBRE’s private capital group.
The buyer was represented internally by Brad Phillips.
Recently renovated, 450 Post Road East is a 35,777-sq.-ft. office building. Wells Fargo Advisors LLC occupies nearly 80 percent of the building.
“The strong price-per-sq.-ft. reflects the quality of the asset, credit rent roll and its location in the highly sought Westport market,” said Dunne. “Earle W. Kazis Associates Inc. will benefit from stable income, but also potential upside upon lease expiration when existing rents should be well below market rents.”