One of Hartford’s premier corporate office buildings is set to hit the market amid a foreclosure lawsuit by Webster Bank, with a minimum qualifying bid of $18 million.
Hartford Superior Court Judge Claudia Baio on Monday approved procedures for the sale of the 12-story, 275,000-square-foot Metro Center at 350 Church St., along with an adjacent six-level, 1,215-space parking garage at 150 High St.
The properties will be marketed by Cushman & Wakefield in an effort led by Managing Director Patrick R. Mulready, of the firm’s Hartford office. Bidders can pursue the properties as a pair, or individually.
Webster Bank launched a foreclosure lawsuit against downtown landlord Shelbourne Global Solutions in July 2024, alleging the Brooklyn-based real estate investment and development company failed to repay a $38 million loan.
The loan was originally provided by New York-based Sterling National Bank, which subsequently merged with Webster. Webster, in August, was acquired by Banco Santander in a $12.3 billion deal.
The court in January 2025 handed control of Metro Center to David Fagone as receiver. Fagone had recently stepped down from the leadership of Hartford-based property management and brokerage firm RM Bradley.
Under the court-approved sales plan, the property will be marketed through Oct. 30, with bids due by 5 p.m. Nov. 2. To qualify, a bid must be for at least $18 million.
If multiple qualified bids are received, an auction will be held at the property Nov. 16. If only one qualified bid is received, Nov. 23 is the target date for Fagone to ask the court for a sale hearing.
Shelbourne paid $49 million for Metro Center in 2017. The judge who appointed Fagone in early 2025 noted that $34 million remained due on the mortgage and the building’s value had fallen to $18 million.
Built in 1986, Metro Center is described in the sale notice as one of the premier corporate addresses in Hartford’s central business district, equipped with a fitness center, conference center, on-site storage and a vaulted lobby, among other amenities.
Metro Center is coming to market at a difficult time for Hartford’s office sector, which has seen a sharp drop in demand since the COVID-19 pandemic and widespread adoption of remote and hybrid work. Companies have reduced their office footprints, contributing to high vacancies at several Class A office towers in Hartford’s downtown.
The 420,000-square-foot Stilts Building at 20 Church St., another former Shelbourne property, sold out of foreclosure for $8.25 million in August — an 81% drop from the $44.4 million the office tower fetched in 2014.
