Hartford Office Market

[The Voice of Reason]

There have been several, I dare say many office transactions in Downtown Hartford over the last couple years,  several years ago these were distressed sales, and they were steals in some cases, but it seems as though at least from a sales perspective, the office mark is quite healthy

just this week, the gold building was sold, and it was reported today that city place 1 has sold again!

Shelbourne global solutions has made 3 major purchases including the gold building according to rumors.

Shelbourne purchased 100 Pearl St., a 17-story office tower, for $37 million, or $132 per square foot. And last year, Shelbourne acquired a 95 percent stake in the 24-story, 20 Church St. office tower after leading a $45 million recapitalization for what has long been known as the "Stilts Building."

 

City place is being bought by Paradigm Properties, a Boston company..

 

the last time it sold was just 3 years ago 
When the tower's current owner, Equity Commonwealth, purchased the building three years ago, it paid $99 million, or $112 a square foot.

cant help but imagine that it will be a higher price this time around

other recent transactions include

 a majority of Constitution Plaza earlier this yea

Goodwin Square also got new owners this year.

CityPlace II sold last year for $19.6 million, or $67 per square foot, which now seems pretty cheap compared to the more recent $ per square foot numbers

 

the state also "recently" bought 2 downtown office buildings

when you look at it this way, I think that maybe the Prudential 380 Trumbull building is the only major building that hasn't sold for a few years in the heart of downtown, (not counting the corporately owned ones like Travelers, Phoenix, and HSB

 

 

 

 

[The Voice of Reason]

The details came out now on city places sale

http://www.hartfordbusiness.com/article/20150915/NEWS01/150919977

113.5 Million isn't a terrible price after buying it at 99 million just 3 years ago.

not a great return either mind you.  But this new owner is likely in it for a longer haul as the property is stable.  so they will be investing in the building a bit Id assume