BHN Scoops Up in Hartford
- Aug 12, 2015
By Keith Loria, Contributing Editor
BHN Associates has acquired a portfolio of six office buildings comprising most of Constitution Plaza in Hartford, Conn., from Metropolitan Life Insurance Co., for $71.1 million.
JLL represented the seller and procured the buyer in the transaction with managing directors Frank Petz and Jessica Hughes, executive vice president Chris Ostop, and vice president Matthew Sherry leading the investment sales team.
“Constitution Plaza attracted strong interest from regional and institutional buyers,” Petz said in a prepared statement. “MetLife positioned the assets well to take advantage of the improving buyer market for assets in secondary markets.”
The portfolio consists of approximately 664,000 square feet of high- and low-rise buildings in the heart of downtown. The buildings include the One and 100 Constitution Plaza office towers, the buildings at 10, 248, 250 and 260 Constitution Plaza and a 1,743-space parking garage.
The 26-story One Financial Plaza is a signature building in the area, known as “the Gold Building,” and home to the United Technologies Corp. world headquarters.
According to CBRE’s recent Hartford office report, the downtown market is becoming increasingly attractive to commercial tenants, amid apartment development and the opening of new restaurant and entertainment venues.
Cushman & Wakefield’s 2015 2Q Hartford Office Market report notes that while the current market numbers remain uninspiring for the Greater Hartford office market, the increase in investor appetite over the last few months bodes well for the intermediate future of the downtown.
The area in and around Constitution Plaza is active with redevelopment, which bodes well for the new buyers. The former Sonesta Hotel was recently converted to apartments, and there are plans to build an additional apartment and office building at the former Broadcast House site. Additionally, Trinity College recently purchased 200 Constitution Plaza for its downtown campus.