Boston’s Paradigm Properties, the recent buyer of Connecticut’s tallest skyscraper in downtown Hartford, acquired more than just brick-and-mortar in the $113.3 million transaction.
Boston's Paradigm Properties, the recent buyer of Connecticut's tallest skyscraper in downtown Hartford, acquired more than just brick-and-mortar in the $113.3 million transaction.
Paradigm also hired CityPlace I's entire management/operations staff from CB Richard Ellis-New England, the tower's previous manager, said Kevin McCall, CEO of Paradigm Properties and affiliate Paradigm Capital Advisors. Among them were CityPlace I's building superintendent and its engineer.
He said Paradigm will bring “a different operating style to the building that is client-centric.”
The 38-story tower, however, needs little in the way of exterior-interior capital improvements, McCall said. Previous owner, Chicago realty mogul Sam Zell ensured one of the state's and Hartford's last major office towers erected in the late '80s was well maintained.
“The building's in great shape,'' McCall said the day the deal was announced. “There are a lot of terrific components. There will be opportunities to tweak.''
One feature — it's soaring, multi-story atrium that links CityPlace I and its squat, next-door neighbor, CityPlace II — could be in for a makeover, “to make it more dynamic,'' McCall said, declining to elaborate.
Tenants and pedestrians weekdays use the planter-lined atrium to enter or exit the building from Asylum, Pearl and Trumbull streets; to get to and from Max's Restaurant; or to Bank of America's branch and automated teller machine, among other ground-floor tenants.
He noted that CityPlace I's anchor tenant, UnitedHealth, regularly takes advantage of that indoor space.
— Gregory Seay
