New York-based Shelbourne Global Solutions, downtown Hartford’s largest commercial landlord, announced Monday that three tenants at its 100 Pearl St. office tower renewed their leases to remain in the city.
Coworking facility operator Regus has agreed to a seven-year lease renewal of its 15,000-square-foot office location.
Middletown-based Liberty Bank has expanded and extended its occupancy by more than doubling in size to 6,690 square feet, Shelbourne said.
Law firm Brown Paindiris & Scott has relocated and expanded in the building to occupy 4,572 square feet, Shelbourne said.
100 Pearl Street is a 281,000-square-foot office building that Shelbourne purchased in 2015 for $36.9 million.
The 17-story Class A office tower is anchored by Hartford HealthCare, which is relocating its headquarters in the building and currently occupies 110,000 square feet.
Hartford HealthCare currently has 300 employees in the building, with an additional 200 scheduled to relocate in October, according to Shelbourne.
The lease renewals come at a time when Hartford’s office market faces significant uncertainty and headwinds coming out of the pandemic. Downtown’s Class A office vacancy rate was 21.7% at the end of the fourth quarter, according to brokerage firm CBRE, a number that is expected to increase in the months and year ahead as leases expire and more companies choose to downsize their office footprints as they move toward permanent hybrid work arrangements.
It wasn’t immediately clear what 100 Pearl St.’s overall occupancy rate is as a result of the new lease deals.
In addition to 100 Pearl St., Shelbourne owns the Stilts Building (350 Church St.), Metro Center (20 Church St.) and the Gold Building, among other Hartford assets.
Brokerage firm Avison Young represented Shelbourne in the 100 Pearl St. lease deals.
