The new owners of downtown Hartford’s Connecticut River Plaza office complex are ready to invest “millions of dollars” in improvements to draw new tenants to the soon-to-be empty property, officials say.
FBE Limited and Cammeby’s International, both of New York, paid $6.7 million cash for the two office towers and parking garage at 450 Columbus Blvd. The same investors own the Pavillion at State House Square office building just blocks away.
The owners commented about their latest Hartford investment through their legal adviser in the deal, William Crowe, of Mayo Crowe in Hartford.
“This was not a speculative purchase,” said Crowe, who represented the buyers in the purchase from unnamed major institutional investors. “This was a long term investment.”
Citigroup holds the master lease on the plaza office complex that is set to expire on Aug. 7, officials said. The largest subtenant, UnitedHealthcare, recently moved its Hartford operations blocks away into CityPlace.
Remaining subtenant Travelers Co. is vacating the last of its approximately 60,000 square feet and moving into about the same footprint at State House Square, Crowe said.
After Travelers leaves, work will begin for three to four months on upgrading the lobby areas, elevators, the upper-level plaza walkway linking the property to Constitution Plaza, and a new fitness center, said Shawn McMahon, Jones Lang LaSalle’s lead broker leasing the property.
“They will be spending significant capital — in the millions of dollars,” McMahon said, declining to be specific.
A New York designer will sketch out the improvements. But a general contractor has yet to be chosen, the broker said.
McMahon said the new landlords are negotiating with several unnamed potential prospects about occupying the property. Ideal tenants will take at least 20,000 square feet in floor space, he said.
Two buildings comprise the 555,000-square-foot complex built in 1985: the north tower stands 15 stories, with 320,000 square feet; the 11-story south tower contains 235,000 square feet. The five-level parking garage accommodates 800 vehicles.
