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Hunk Of Hartford's Constitution Plaza For Sale

Greg Bordonaro

March 14, 2012

The majority of the towers in Hartford's iconic Constitution Plaza office and retail complex, which covers more than eight acres of prime real estate in the central business district, is for sale, sources say.

Six buildings within the plaza, which hold more than 650,000 square feet of office space, are being put up for sale by New York City landlord Capital Properties and GE Capital.

Capital Properties has been running the day-to-day operations of the buildings.

Capital and GE own One, 10, 100, 248, 250 and 260 Constitution Plaza. One Constitution Plaza, fronting Market Street at the corner of State Street, is the flagship tower.

Real estate brokerage firm Jones Lang LaSalle is handling the sale of the property, sources confirmed to HBJ Today on Wednesday.

The property was listed for sale this week and there is no asking price, sources said.

Capital Properties did not immediately respond to requests for comment.

Apart from Capital's six buildings within the plaza, there are other pieces of real estate attached to it owned by separate entities.

They include the Travelers Education Center, which recently fell into foreclosure, and the former Sonesta Hotel, recently purchased by a New York developer who plans to convert the vacant building into apartments.

Meanwhile the state is considering the purchase of nearby office tower complex Connecticut River Plaza, which is currently vacant.

Constitution Plaza was originally built in the 1960s for $42 million.

The property also contains retail space, including space formerly held by Spris restaurant, which closed a few years ago. A new tenant, Churrascaria Braza, a Brazilian restaurant, is taking over that space.

Realty sources say Capital's L-shaped block of Constitution Plaza properties are over 80 percent occupied, which could fetch them a handsome price.

One Constitution is home to law firm Shipman & Goodwin. 250 Constitution houses several Hartford city agencies, including the City Treasurer and planning departments.

260 Constitution has offices for several state agencies, including the Connecticut Banking Department.

Reprinted with permission of the Hartford Business Journal. To view other stories on this topic, search the Hartford Business Journal Archives at http://www.hartfordbusiness.com/archives.php.
| Last update: September 25, 2012 |
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