A partnership of out-of-state investors is poised to pay $786,250 for the former Hartford Courant headquarters near the state Capitol after a burst of last-minute bidding on an online auction platform.
The 286,415-square-foot building, at 285 Broad St., closed Friday afternoon on the RI Marketplace auction site. Bidding accelerated in the final two hours, climbing from $80,000 shortly before 3 p.m. to a final hammer price of $725,000 at 4:52 p.m. The winning bidder will also pay a 5% buyer’s premium, bringing the total purchase price to $786,250.
The buyers, who have not yet been publicly identified, have submitted a 10% nonrefundable deposit and signed an agreement to close within 30 days, according to Ian Grusd, senior managing director of auction services at Marcus & Millichap.
“Based on the exposure and bidding activity, we were pleased with the result,” said Grusd, who was part of the sales team that included Marcus & Millichap’s Boston regional office. “The consistent theme with the most high-intent bidders is they felt this represents a tremendous value-add opportunity based on the building’s size, land area and location.”
Grusd said the listing drew more than 67,000 online views from 39 states. The due-diligence package was downloaded by 135 prospective bidders, primarily from New York, followed by Connecticut, Florida, Texas, New Jersey and California. A total of 40 bidders registered for the auction, which opened at noon Monday, Dec. 8.
The four-story, reinforced-concrete building sits on 4.4 acres and is currently owned by a limited liability company affiliated with New York-based Alden Global Capital. Alden purchased the Courant’s real estate for $6.9 million in 2018 and later acquired Tribune Publishing, the newspaper’s parent company, in May 2021.
Highly visible from Interstate 84, the property is within walking distance of the state Capitol and the Legislative Office Building. According to Marcus & Millichap, the building includes office space, studios and production areas, a two-story atrium lobby, cafeteria, conference rooms and extensive loading capabilities.
The property is currently 22.7% occupied. Tenants include Fox 61’s parent company and Tribune Co. The Hartford Courant announced in December 2020 that it would vacate the Broad Street building and transition employees to remote work.
Tribune’s lease expires in early 2026. Fox 61 recently renewed its lease for an additional year.
