The state will pay about $120 million to acquire, renovate and move into two downtown Hartford office buildings it has been negotiating to buy for more than a year, officials said.
Gov. Dannel P. Malloy officially announced Wednesday that the state is acquiring the Connecticut River Plaza office complex for $34.5 million and 55 Farmington Ave. for $18 million, officials said.
The state will pay an additional $48 million to renovate, furnish and move into Connecticut River Plaza, and an additional $19.5 million to move into 55 Farmington Ave., officials said.
The purchase of the two buildings, which was first reported by the Hartford Business Journal last year, will lead to up to 3,300 state employees being consolidated to downtown Hartford over the next 18 to 24 months.
Connecticut River Plaza has about 550,000 square feet of office space, and has been vacant for the last few years after UnitedHealthcare left the building to move to City Place.
The office tower at 55 Farmington Ave. is currently owned by The Hartford Financial Services Group, which has been selling off real estate to trim costs.
Read more about the state’s office purchase here.
Malloy said the office purchase will save taxpayers $200 million over the next 20 years by allowing the state to consolidate about 20 leases into the two office buildings.
The state is expected to close on its deal for 55 Farmington Ave. by the end of March, and Connecticut River Place sometime later this year.
Malloy also confirmed that the state agencies currently housed at 25 Sigourney St.–including the departments of social and revenue services–will be moved to 55 Farmington Ave.
The state’s IT department in East Hartford will also be part of the move, as HBJ previously reported.
Meanwhile, the state is also in negotiations to acquire the Morgan Street Garage from the city of Hartford to accommodate the parking needs of state employees that move downtown, Malloy said.
