Hartford’s Constitution Plaza office complex is up for sale following a foreclosure.
Real estate services firm JLL is marketing the leasehold interest in the six-building, 662,106-square-foot complex without an asking price. A leasehold interest gives the buyer control of the buildings through a long-term ground lease rather than ownership of the underlying land.
JLL Managing Director Chris Ostop said Wednesday that the property has been on the market for about 10 days. JLL has not established a deadline for bids, although Ostop said one would likely be set shortly.
The listing markets the office complex as a redevelopment opportunity. The property encompasses 6.5 acres and includes 1,743 parking spaces in two multilevel garages. Current zoning allows multifamily development “as-of-right,” according to JLL.
Other selling points cited in the listing include the buildings’ flexible floor plans and shared infrastructure. More than $2.77 million has been invested in capital improvements since January 2025, according to JLL.
Ostop said the intention is to sell Constitution Plaza as a single package, although he left open the possibility of separate bids if they could be assembled into an aggregate deal.
Ostop said he believes there are already investors prepared to take a serious look at Constitution Plaza, although he declined to discuss the level of interest generated so far, citing client confidentiality.
The listing puts the complex’s overall occupancy rate at 60.5%, although occupancy varies widely among the five office properties, which include:
- 1 Constitution Plaza, 276,000 square feet and 49.3% occupied;
- 10 Constitution Plaza, 6,831 square feet and 94.7% occupied;
- 100 Constitution Plaza, 218,608 square feet and 88.6% occupied;
- 248-250 Constitution Plaza, 79,426 square feet and 27.6% occupied; and
- 260 Constitution Plaza, 81,241 square feet and 52% occupied.
Hartford Mayor Arunan Arulampalam said Wednesday that the city is working with partners in hopes of steering the redevelopment toward housing and preventing the property from simply being acquired by outside investors.
“Constitution Plaza is an important property at the heart of our capital city, and this transition presents an extraordinary opportunity to reimagine its role in Hartford’s future,” Arulampalam said. “We are working with partners to ensure that this doesn’t fall into the hands of outside investors, but instead is developed by partners who share our commitment to converting this underutilized commercial space into an asset to build on the expansion of housing and vibrancy in our downtown.”
Capital Region Development Authority Executive Director David Steuber said his agency has been involved in conversations with various community stakeholders about the future of Constitution Plaza and stands ready to work with developers interested in repositioning the property.
The 6.5-acre property represents roughly 10% of the city’s vacant office space, he said.
“We certainly see Constitution Plaza as a central strategic asset for the city,” Steuber said. “And it’s coming up for sale is a major event for Hartford.”
CRDA has helped finance the redevelopment or conversion of several major downtown office properties, including 777 Main St., 55 Elm St. and the recently opened UConn residence hall on Pratt Street. It is also participating in ongoing conversions of former state office buildings on Trinity Street.
“I think every major office redevelopment in recent years has featured some level of CRDA investment,” Steuber said. “And so, if there is a developer with a vision for the future of the plaza, we will be available and interested to speak with them.”
Completed in the 1960s, Constitution Plaza was a signature urban renewal project and remains one of the city’s largest commercial office properties.
Like many office buildings in Hartford and beyond, Constitution Plaza was hard-hit by the post-COVID-19 pandemic adoption of remote work and corporate moves to smaller offices.
In early 2024, lenders claiming a $50.87 million debt filed a foreclosure action against Constitution Plaza Holding LLC. The Monsey, New York-based investor paid $71.1 million for the property in June 2015.
Ian Lagowitz of Trigild IVL was appointed receiver on Sept. 23, 2024. Hartford Superior Court Judge Claudia A. Baio approved the foreclosure in October of last year, clearing the way for creditors to sell or reposition the property.
