Hartford Non-Residential Developments

[The Voice of Reason]

I started a thread about the residential developments going on and started compiling the non residential developments, but could not come up with a simular format to easily paint the picture. So here is the begining of what else is going on, or even how some of those residential projects have affected other aspects of downtown.

The primary change happening in this old town is the story of redevelopment. For better or worse office space is being used differently now. I think it is ultimately in the best intrest of the city to have thess 100k and 200k sqft offices convert to residences. Here is whats been happening.

PROPOSED

101 Pearl street: will turn 100,000 sq ft of office into 36 Apartments and 6-12000sq ft of office.

CT Mutual building: in Asylum Hill will be razed or redeveloped. in either way it will not longer be office space. 460000 SQFT

UNDER CONSTRUCTION

915 Main ST: turned 205000 sqft of office into residential units.

John T. O'Connell Tower @ St Francis Hospital: A new 10-story $184 million 318,000 square-foot facility.

CT Science center: under construction and coming to a river near you.

U-Hart performing arts center: 71,000 square feet of space in the three buildings. $25 million. Previously abandoned car dealership.

COMPLETED

H-21: put 93000 square feet of office online.

960 Main: Re-use of retail space into school and office (I am not sure of the numbers if anyone has them)

Ultimately there has been a good bit of rezoning and re use of lower class office space into housing, and even the upgrading of the stilts building to class A. all in all I call this progress, regardless of how long it will take before we get a new office building.

So, please let me know what I am missing or whats wrong

[daroberts]

Look Guys, Can we be real for a moment. Growth will be at a snails pace unless crime Perceived and Real is under control. It in illogical for mayor Perez to say crime is down, when murders are way up. I really wonder about this guy.

Next is Job growth. If we celebrate a Hotdog stand moving downtown, we've got something wrong. This city has to making parking cheap or free and give real benefits as whey they should be downtown. Why have these big companies chosen not to stay in Hartford? This is city is not user friendly.. period, and that has to change if we are to realize real growth.

[Chessplayer]

Look Guys, Can we be real for a moment. Growth will be at a snails pace unless crime Perceived and Real is under control. It in illogical for mayor Perez to say crime is down, when murders are way up. I really wonder about this guy.

Next is Job growth. If we celebrate a Hotdog stand moving downtown, we've got something wrong. This city has to making parking cheap or free and give real benefits as whey they should be downtown. Why have these big companies chosen not to stay in Hartford? This is city is not user friendly.. period, and that has to change if we are to realize real growth.

We're getting a new hot dog stand? That's great news! Where is it?

[The Voice of Reason]

We're getting a new hot dog stand? That's great news! Where is it?

Seriously! Woody is gonna be pissed

[MadVlad]

They are talking about Roscoe's...

[The Voice of Reason]

They are talking about Roscoe's...

Yeah I was kidding anyways. Sarcasm failed me.

I think woodie is the only one with an actual cart though right?

[The Voice of Reason]

It looks like there is demolition happening at the corner of Asylum and Main. (above Burger King)

There is a dumpster out front in the street and workers are filling it with drywall scraps. Not sure, but that is a fairly good sign that someone is planning on occupying some of that office space. its mostly vacant right now. maybe only 2 of the 5 floors

[The Voice of Reason]

I would update the first post in this thread with the following.

960 Main is now complete.

UNDER CONSTRUCTION

Asylum street has 2 things happening.

1. The renovation taking place above Burger King

2. Soverign Bank regional HQ renovations in the old trust bar building.

and Travelers is doing major facade work.

[daroberts]

Aren't you tired of it.

ING, Mass Mutual, Met life, WFSB, Amercian AIrlines Offices.....Etc.

A police Chief who's reponse to multiple shooting over the weekend and robbery's " These people all knew each other" Doesnt that make in better?

The Mayor who who's answer to a very high murder rate for a city of 120k is "Crime is declining"

This is either Ignorance or misrepresentation, as murder is the ultimate crime.

Isnt it funny?

How about a city Council that spends part of a session weighing in on the Iraq war. I'm meet is this real? Is there no reality check with these people?

You need to buy company interest in Hartford with rich subsities.

WOW a hotdog stand moved to town.

I want some leadership that has had real Jobs.

[The Voice of Reason]

Looks like Office vacancy is up conciderably due to the planned Met Life move.

http://www.hartfordbusiness.com/article_li...=HBJTODAY#A5190

<LI class=t_lightness_0>Office vacancies jump in Hartford CBD (posted Today at 12:22pm)

The office vacancy rate for the Hartford central business district jumped to 24.65 percent in the first quarter from 18.38 percent in the prior quarter, largely because of MetLife's relocation to Bloomfield, according to a report from Jones Lang LaSalle. Although MetLife will be vacating 373,000 square feet at CityPlace I by Oct. 31, the available space at CityPlace was added to the CBD's office space inventory in the first quarter.

Meanwhile, Travelers expanded by 33,600 square feet at 10 State House Square in the first quarter and should finalize another 150,000 square feet of leases in the second quarter, according to the report.

Jones Lang LaSalle said that the MetLife relocation "will keep pressure on lease rates and landlords will be forced to continue to provide significant concessions to lure prospective tenants."

None of this is news at all. We all know that MetLife is moving to the burbs. It is interesting that the space is now on the market and wont be vacant till October. I hope this large chunk of space can be leased out in the mean time and maybe bring a new company downtown, to Hartford, and to CT in general.

As far as Travelers, I thought I would share some news.

Travelers adding that 30k of space was them taking over some more of the State House Square building. They actually are trying to lease the entire building. Recently Travelers just bought out the lease of Hilb Rogal & Hobbs. This will put travelers in charge of most of the building within the next year or so. HRH will surely find another location downtown. I think HRH may be the 150,000 Sq ft the article mentions. Travelers have also taken over the 10th floor from ING, and likely will take the 12th floor in about 2 years when the operations staff is shifted to Bank of NY in a sourcing move.

That looks like a horrble vacancy rate, but its not all doom and gloom.

[bignasty96]

Looks like Office vacancy is up conciderably due to the planned Met Life move.

http://www.hartfordbusiness.com/article_li...=HBJTODAY#A5190

<LI class=t_lightness_0>Office vacancies jump in Hartford CBD (posted Today at 12:22pm)

The office vacancy rate for the Hartford central business district jumped to 24.65 percent in the first quarter from 18.38 percent in the prior quarter, largely because of MetLife's relocation to Bloomfield, according to a report from Jones Lang LaSalle. Although MetLife will be vacating 373,000 square feet at CityPlace I by Oct. 31, the available space at CityPlace was added to the CBD's office space inventory in the first quarter.

Meanwhile, Travelers expanded by 33,600 square feet at 10 State House Square in the first quarter and should finalize another 150,000 square feet of leases in the second quarter, according to the report.

Jones Lang LaSalle said that the MetLife relocation "will keep pressure on lease rates and landlords will be forced to continue to provide significant concessions to lure prospective tenants."

None of this is news at all. We all know that MetLife is moving to the burbs. It is interesting that the space is now on the market and wont be vacant till October. I hope this large chunk of space can be leased out in the mean time and maybe bring a new company downtown, to Hartford, and to CT in general.

As far as Travelers, I thought I would share some news.

Travelers adding that 30k of space was them taking over some more of the State House Square building. They actually are trying to lease the entire building. Recently Travelers just bought out the lease of Hilb Rogal & Hobbs. This will put travelers in charge of most of the building within the next year or so. HRH will surely find another location downtown. I think HRH may be the 150,000 Sq ft the article mentions. Travelers have also taken over the 10th floor from ING, and likely will take the 12th floor in about 2 years when the operations staff is shifted to Bank of NY in a sourcing move.

That looks like a horrble vacancy rate, but its not all doom and gloom.

HRH is moving into CityPlace I in May.

[The Voice of Reason]

HRH is moving into CityPlace I in May.

Do you know how much space HRH has at SHS? I know they have 2 floors, but I think those are the giant floors that run into the other tower.

Also do you know if the space they are taking at Citiplace I was MetLife space or is it just other vacant space they have?

[bignasty96]

Do you know how much space HRH has at SHS? I know they have 2 floors, but I think those are the giant floors that run into the other tower.

Also do you know if the space they are taking at Citiplace I was MetLife space or is it just other vacant space they have?

I don't know the details. I have a friend who works at HRH, which is why I know they're moving. I'm almost positive the new space is old MetLife space but not certain.

[HartfordTycoon]

HBJ Article

Tax Breaks Sealed Deals On $369M In New Projects

By Diane Weaver Dunne

Hartford Business Journal Staff Writer

04/14/08

When the two worldwide insurance companies with headquarters in Hartford needed to expand their operations, state and city officials stepped up with attractive tax breaks, helping to close deals on $369 million in new construction and office renovations.

On April 22, Aetna will open a new 14,000-square-foot customer center at its Farmington Avenue headquarters, thanks in part to a tax deal that partially offsets construction costs on its $219 million in new construction in the city.

In addition to the customer center, Aetna plans to soon begin demolition of its parking garage

[The Voice of Reason]

http://www.courant.com/business/hc-move052...0,4136788.story

A positive article about new downtown office tennents.

this one in the Stiltz building. leaving 16,000 SQFT in West Hartford for 21,000 and bringing 75 jobs. one of many small steps to offset the MetLife move.

there was an article a few weeks ago about that move. this one is the glass half full version

[HartfordTycoon]

http://www.courant.com/business/hc-move052...0,4136788.story

A positive article about new downtown office tennents.

this one in the Stiltz building. leaving 16,000 SQFT in West Hartford for 21,000 and bringing 75 jobs. one of many small steps to offset the MetLife move.

there was an article a few weeks ago about that move. this one is the glass half full version

SH Smith moving downtown is great news. When I was underwriting at Chubb, we had a lot of policies with them. They seem to be a great company.

[The Voice of Reason]

SH Smith moving downtown is great news. When I was underwriting at Chubb, we had a lot of policies with them. They seem to be a great company.

What makes city cores become successfull is when companies want to be downtown because workers prefer to work downtown. On top of that what makes it attractive is people living downtown and the added vibrancy. As long as this continues to happen Hartford will have a strong future. I hope there are another dozen companies looking to take a floor or two of space downtown for the same reasons.

[drc72]

http://www.courant.com/business/hc-move052...0,4136788.story

A positive article about new downtown office tennents.

this one in the Stiltz building. leaving 16,000 SQFT in West Hartford for 21,000 and bringing 75 jobs. one of many small steps to offset the MetLife move.

there was an article a few weeks ago about that move. this one is the glass half full version

This is good news indeed.

[Chessplayer]

Rocky Hill gains another at the expense of downtown: http://www.hartfordbusiness.com/news6040.html

Not a big move - only 4200 sq. ft. - but it's disappointing that another headquarters is lost, especially since they were looking to expand.

[The Voice of Reason]

I probably should have posted that data center article here too.

but the good news is this

http://www.courant.com/business/hc-phoenix...0,7045602.story

Virtus Investment partners signs lease in 100 Pearl.

The deal, announced Thursday, will keep 140 corporate employees of Phoenix Investment Partners in the city's central business district.

Phoenix Investment signed an eight-year lease with The Silverman Group, which purchased the office tower earlier this year.

The lease is for about 25K SQ

not bad

[The Voice of Reason]

NU moves HQ downtown.

I am quite pleased.

not many jobs or anything, but it looks like they bought the Phoenix Investments building between Travelers and the boat building.

I strongly believe that NU is one of the best assets Hartford has going for it. And to think they were almost bought by Con Ed a few years back. Lets hope they manage to pick up another utility an get to a size that makes them more permanent.

[Chessplayer]

While it's not a gain for the region, it's a gain for the city and downtown. Another F500 company. Not bad at all.

[The Voice of Reason]

While it's not a gain for the region, it's a gain for the city and downtown. Another F500 company. Not bad at all.

looks like it is more growth based than a simple relocation. Thats good news.

HBJ

http://www.hartfordbusiness.com/article_li...=HBJTODAY#A6620

NU will locate a walk-in Customer Care Center at the new location, improving access for Connecticut Light & Power and Yankee Gas customers.

"This is great news on so many fronts," Gov. M. Jodi Rell said in a statement. "The continued growth of Northeast Utilities bodes well for the overall strength of Connecticut's economy, and the relocation of NU's corporate headquarters to Hartford adds new luster to our capital city. I am particularly pleased that this growth is not coming at the expense of the NU campus in Berlin, making it a win-win scenario for both cities."

from the Courant

http://www.courant.com/business/hc-numove0...0,7886025.story

The company plans to move corporate executives and accounting and legal departments to the 93,000-square-foot office building, which it is buying from The Phoenix Cos, officials confirmed Tuesday.

The building comes with an underground parking garage for about 100 vehicles. It is near, but separate from, Phoenix's famous "Boat Building." Phoenix bought the 56 Prospect St. building from Travelers for $6.5 million in 1994 and renovated it with the help of an $5.3 million loan from the state.

[The Voice of Reason]

The Courant now has a more in depth article with a map and a weird photo of utility wires

Finally an number of employees. 180. certainly not insignificant, and also not MetLife significant.

I went to their web site last night and saw that they are hiring 36 people right now and all but maybe 2 of them were office types. 16 engineers. I Imagine that as the holding company continues to grow, there will be opportunities to bring more workers downtown. 180/1800 is just 10% of the work force. I can only imagine that they will need more space down the line assume they are not bought or something terrible happens.

the Customer center is a great addition though. you gotta love a "retail component" to a corporate office.

QUOTE

"The company announced that it is moving corporate departments, including about 180 accountants, lawyers and executives, to a 93,000-square-foot office building at 56 Prospect St., which it is buying from The Phoenix Cos. NU subsidiaries Connecticut Light & Power Co. and Yankee Gas will continue to be based in the company's red-brick Berlin campus at 107 Selden St., off the Berlin Turnpike."

[JayCT]

I read the other day that Hartford was one of the top ten for project growth in office space. Not sure why but will try to find out more. Anyone else hear or see that? Jay