HARTFORD: A recent survey by the Connecticut Economic Resource Center’s Real Estate Survey showed a majority of real estate professionals were claiming a soft office market in local communities across Connecticut. Large corporate office space lessors are reportedly becoming increasingly difficult to find in Fairfield County, but that apparently isn’t slowing down investors in Connecticut office buildings.
Shelbourne Global Solutions LLC of Brooklyn, N.Y., has purchased the Hartford Metro Center. The fully leased property yielded a purchase price of $55 million for the 12 story, 291,000 square feet office tower for the Fremont Group, of West Hartford. Freemont purchased the building in 2013 and paid $22.7 million for it. Thorofare Capital of Los Angeles CA., provided $40 million of financing to Shelbourne for the purchase.
Patrick Mulready, of the CBRE/NE, represented Fremont on the sale.
Shelburne had previously purchased tow other signature downtown Hartford office properties, 100 Pearl Street, [281,000 square feet] for $37 million and 20 Church Street, [420,000 square feet.
Fremont picked up the Metro Center, when the once high flying Northland Investment Corp. of Newton, Mass., lost the building in foreclosure. Fremont leased 50,000 square feet to CohnReznick, an accounting and tax advisory with headquarters in New York. Fremont also secured a long-term lease renewal from its signature tenant Lincoln Financial.
Real Estate Weekly, a New York City based real estate website reports that Shelbourne has acquired more than four million square feet of class A office and flex space since 2013.