Prudential Retirement new office tower?

[Theophrastus Bombastus]

Build In City? Talk Arises. Prudential Designs On Downtown Are `Very Preliminary.' [Hartford Courant]

[HartfordTycoon]

You beat me to it on this one. I was just going to post this. This article is regarding the Prudential Retirement Services, currently headquartered in Hartford, being in preliminary talks with the city and state to build a new office tower downtown. That would be absolutely spectacular if they go through with this.

[TaylorG4444]

Wouldn't it make more sense to try and find a building that already exists or to stay where they are now? Vacancy levels should be considered before they just set up shop to building another tower.

[HartfordTycoon]

That is true and I feel the same way to an extent. On the other hand, if the space that they are in now can be filled with another tenant or tenants and Prudential builds a new building downtown, we all win, and nothing affirms the comittment to Hartford like building here.

[GregV]

This would be a great project...if it is structured correctly. There is little demand for new office space downtown, and I believe that it would be irresponsible to ignore the need for increased residential supply downtown. I'm all for new construction, but a mixed-use facility would be preferable to another large office tower to bring vacancy rates even higher. Why not build a beautiful new corporate center with a large residential/retail component a la time warner center (albeit on a much smaller scale).

[drc72]

This would be a great project...if it is structured correctly. There is little demand for new office space downtown, and I believe that it would be irresponsible to ignore the need for increased residential supply downtown. I'm all for new construction, but a mixed-use facility would be preferable to another large office tower to bring vacancy rates even higher. Why not build a beautiful new corporate center with a large residential/retail component a la time warner center (albeit on a much smaller scale).

Sounds like an intriguing idea. Although a new office tower peaking over the skyline would be nice. What's the percentage of vacancies in Hartford?

[TaylorG4444]

If they do decide to build a new office tower I think they should bring Renaissance Place back to the table. It would be perfect for what they want and it would allow the city to get more than just office use out of it. It was to have 250,000 sq. ft. of office space and a 4-star Westin hotel. Now I'm sure they could tweek the design to offer more office space or to make the space that was designated for the hotel into office space. All in all it's a great tower and I think they should consider it.

http://www.emporis.com/en/wm/bu/?id=100775

[HartfordTycoon]

I didn't even need to see that. I'm still pissed they did not build this.

[Theophrastus Bombastus]

Yes - good idea! Anything to get rid of that BUTTUGLY empty lot smack in the heart of downtown!!! Can anyone confirm that a big Irish bar is going in on Pratt St. in the old bank? I bet they would love to see Renaissance Place too.

[HartfordTycoon]

^^I can't confirm it, but I know that's the plan the developer pitched when he acquired the building.

[MadVlad]

I CAN confirm it, at the Celtic Festival last year they had a contest to name the bar...

[drc72]

What do you guys think the odds are that Prudential will build a tower?

[MadVlad]

Despite what they say, I think the odds are slim, unfortunately.

[beerbeer]

I wonder if this could be tied into the new arena?

Northland wants to build a commercial tower and mini-Rockerfeller center on the site of the HCC. Perhaps Pru-Ret could be their anchor tenant in the new building. This could provide the impetus for getting the ball rolling.

[drc72]

Despite what they say, I think the odds are slim, unfortunately.

Yeah that's what I figuired. Oh well it's not over yet.

[TaylorG4444]

I wonder if this could be tied into the new arena?

Northland wants to build a commercial tower and mini-Rockerfeller center on the site of the HCC. Perhaps Pru-Ret could be their anchor tenant in the new building. This could provide the impetus for getting the ball rolling.

Are we sure that Northland wants to do this?

[drc72]

Are we sure that Northland wants to do this?

If Nothland gets involved the odds should be good, I hope.

[beerbeer]

Yes, Northland has stated exactly that.

[ctman987]

Yes - good idea! Anything to get rid of that BUTTUGLY empty lot smack in the heart of downtown!!! Can anyone confirm that a big Irish bar is going in on Pratt St. in the old bank? I bet they would love to see Renaissance Place too.

There was an article in the Hartford Business Journal about all the work happening at the old bank in order to make it into I believe what will be the largest or one of the largest Irish bars/pubs in New England

There is a lot of vacancy in downtown Hartford and adding another building would still leave current vacant space still vacant but the fact that Prudential is willing to further invest someone in the city/area is a promising situation.

On an intresting note on this matter...I just returned from a trip to Providence over the weekend (ill get some pictures up soon) and I am not sure of the vacany rates in downtown Providence although I am sure there still are vacancies in some buildings but anyway across the street from the Providence Place Mall in the heart of downtown GTECH is constructing a new 10 story corporate headquarters.

[Cotuit]

On an intresting note on this matter...I just returned from a trip to Providence over the weekend (ill get some pictures up soon) and I am not sure of the vacany rates in downtown Providence although I am sure there still are vacancies in some buildings but anyway across the street from the Providence Place Mall in the heart of downtown GTECH is constructing a new 10 story corporate headquarters.

In any other city, Providence's vacancy rate would be considered dangerously low (i.e. there should be office towers springing up everywhere). But our demand has been very low for a long time as well. There's some signs of life in the office market in Providence though. There's a few tentative proposals for office space floating around out there, and we may be stealing the GSA from Boston soon (could translate into a 20+ story tower). GTECH is an instate move, they're currently in the 'burbs. They were looking to expand and looking to move to Massachusetts, they got a sweetheart deal from the state to relocate to Providence.

[GregV]

Hartford vacancy is 15-17%, very high for any city. Only a combination of job growth and the removal of supply through conversion could bring this figure down to healthly levels. The latter is happening at least...

[HartfordTycoon]

We need to work on the Job Growth one, and Prudential Building a new headquarters for the Retirement Services Division here would be a great indicator that some more, HIGH QUALITY jobs may be coming down the pipe. So, in that regard and of course getting a great new building, I hope there is truth to this. I think alot of the older office space would be attractive to those less wealthy people who would still like to experience downtown living. The good thing is that this type of development is happening, as GregV pointed out.

[beerbeer]

15% - 17% is a very low vacancy rate for any city in America. Hartford had the lowest vacancy rate in the country in the early 80s with a vacancy rate of 13%. I think your numbers are wrong.

[damus]

15% - 17% is a very low vacancy rate for any city in America. Hartford had the lowest vacancy rate in the country in the early 80s with a vacancy rate of 13%. I think your numbers are wrong.

this is from last may in the Providence forum

Providence has a 9-percent vacancy rate for office space, and it is even lower for premier class A space. The occupancy rate leaves no room to absorb new businesses.

I do not know anything about this business, but if Providence's vacancy rate is so low and no one's building something else comes to mind. Perhaps the area needs to become more business-friendly. Vacancy rates can't be all that dictates what gets built.

[Cotuit]

I found an archived Providence Business News article that said our vacancy rate was up to 8.6% in 2004 (from 7.3% in 2003). This was a July 2005 article, I'm not sure where it's at now. Some office space has been converted to residential, but we've also had a bit of office space come online, and GTECH will add more. The vacancy problem in Providence is most accute for Class A space.

Although, here's another article from the Real Estate Journal that says our vacancies dropped at the end of '04.

This article says Providence's (and Portland, ME) vacancy rates were 4.2% in 2005. Don't know how we would have swung so far from 8.6% in one year. We had a large building downtown become RISD dorms, but I think that came out of the office market in '03.