NY Group Buys 391,178-SF Hartford, CT Building

HARTFORD, CT-Marcus & Millichap reports it has brokered the sale of the 391,178-sf One Corporate Center office tower in downtown Hartford to a New York City-based investment group.

Officials with the New Haven-based brokerage firm say that the buyer is Church Operating LLC. New York Life held the paper on the property, according to Victor Nolletti of Marcus & Millichap. Nolletti and Steven Witten of Marcus & Millichap represented the buyer in the deal. No terms of the transaction were released. Church Operating LLC acquired the note and encumbering mortgage on One Corporate Center, which is located at 20 Church St. in downtown Hartford, and will now be operating and managing the 23-story building. The building consists of 21 floors and two penthouse levels.

Fleet Bank had leased approximately half of the building until recently. Major tenants at the property now are Channel 61 and several law firms. Currently, Nolletti says that there is about 300,000 sf of available contiguous space at the building. He adds that the new ownership plans to undertake a multi-million-dollar capital improvement program at the property.

Nolletti says the sale of the building and planned upgrade of the property will definitely broaden the leasing options for companies looking for class A space in Hartford. Some of the renovations on the drawing board include improvements to the lobby and mechanical and lighting upgrades. Facade- and common-area improvements are already underway. He estimates the current office vacancy rate in downtown Hartford to be about 11%.

“[The sale] puts the building in a very advantageous position in the market from the standpoint of securing very attractive lease deals from prospective tenants,” Nolletti notes. “Companies looking for class A space are definitely going to look at this building. It has marvelous views of the City of Hartford and the surrounding area.”