A partnership led by LAZ Investments paid $8.25 million for downtown Hartford’s Stilts Building, about 81% less than the prominent office tower fetched in a sale 12 years ago, land records show.
The Hartford Business Journal calculated the purchase price based on conveyance taxes listed in a quitclaim deed recently recorded with the city. LAZ Investments subsequently confirmed the $8.25 million price.
The deed lists $103,125 in state conveyance taxes and $41,250 in local conveyance taxes. It transferred the property at 20 Church St. from Shelbourne CT LLC to two entities: LS Stilts LLC, which acquired a 66.9% interest, and Olymbec Stilts LLC, which acquired a 33.1% interest, according to land records.
The 420,000-square-foot tower previously sold for $44.4 million in July 2014.
LAZ Investments, Greenwich Realty Partners and Montreal-based Olymbec announced earlier this month that they had acquired the 23-story office tower, but did not disclose a purchase price.
The acquisition resolves a foreclosure case that had hung over the property since 2022, when Wells Fargo sued Shelbourne, alleging missed payments on a $31 million mortgage. The bank later sought repayment of a $25.7 million outstanding balance.
The property’s condition leading up to the sale is detailed in a court-appointed receiver’s report filed July 21 in Hartford Superior Court. The Stilts Building reported a net loss through the first six months of 2026, and was 55% vacant at the end of June, according to the report.
The property was also experiencing some tenant turnover, with several tenants exercising or negotiating early termination rights. At the same time, leasing efforts were underway with several prospective tenants, including one seeking about 26,000 square feet and another that had agreed to terms outlined in a letter of intent for roughly 12,300 square feet.
Several planned capital projects were also on hold. The new owners have said they plan targeted amenity upgrades and tenant improvements as they work to increase leasing at the property.
The Stilts Building, constructed in 1981 by Olympia & York, is one of downtown Hartford’s most recognizable office towers because of the large angled support columns at its base.
LAZ Investments is the family office investment arm of Alan Lazowski, chairman and CEO of Hartford-based LAZ Parking. Olymbec owns several other Greater Hartford properties, including 960 Main St., the former G. Fox department store building across the street from the Stilts Building.
