Clarion Partners and Paragon Realty Group Sell 44 Main Street in Westport, Connecticut, for $23.4M

Clarion Partners and Paragon Realty Group have sold 44 Main Street, a retail building in downtown Westport, Connecticut, for $23.4 million. Paragon Realty Group announced the disposition on Oct. 5, 2026. The buyer is a real estate company based in Rye, New York.

Sale of 44 Main Street in Westport

Paragon Realty Group posted the disposition on its website, stating that Clarion Partners and Paragon Realty Group sold 44 Main Street in Westport, Conn. The $23.4 million price equates to roughly $694 per square foot based on the building's currently listed size of 33,694 square feet.

The property is located at 44 Main St., Westport, CT 06880, at or near the intersection of Main Street and South Street. Commercial listings describe it as a freestanding, multitenant retail building. The land area is approximately 0.23 acres.

Paragon Realty Group and Clarion Partners' 2015 Acquisition

An affiliate of Paragon Realty Group, in partnership with Clarion Partners, acquired the property in 2015 for $22.5 million. The $23.4 million sale price is about 4% above that purchase price, a gain of roughly 0.5% per year over the 11-year hold on a simple, unlevered basis. That calculation does not account for transaction costs, capital improvements, financing or leasing costs.

Coverage of the 2015 transaction described the property as a 22,873-square-foot, three-story building constructed in 1909 and occupied at the time by Banana Republic and The Nail Spa Bless Corp. Current commercial-property listings, by contrast, report a 33,694-square-foot building constructed in 1978. The differing figures may reflect different measurement methods, a later redevelopment or expansion, or inconsistent database records. Using the 2015 square footage, the sale price would equate to roughly $1,023 per square foot. An earlier Paragon marketing brochure described the property as containing 15,370 square feet, including about 10,270 square feet on the main level and 5,100 square feet on another level.

Leasing Context

A current commercial listing shows a 5,881-square-foot retail availability at 44 Main Street, equal to about 17.5% of the reported 33,694-square-foot building area if the entire space is being marketed for lease.

Westport Retail Market Context

The property sits in Westport's downtown Main Street corridor, in one of Connecticut's affluent Gold Coast communities. Paragon's earlier marketing materials characterized the location as being in the center of Main Street and in one of the state's premier affluent communities.

The Rye-based buyer's involvement points to continued interest from regional private capital in Connecticut retail locations. The sale also provides a pricing data point for downtown retail in Fairfield County. Clarion Partners and Paragon Realty Group held the asset for 11 years before the sale.

Sources

• Paragon Realty Group, "Disposition of 44 Main Street": https://paragonct.com/disposition-of-44-main-street/
• Westfair Online, "Rye realty company buys posh Westport building for $23.4M": https://westfaironline.com/fairfield/rye-realty-company-buys-posh-westport-building-for-23-4m/