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CityPlace I Sale Delayed As City Sells Land

By KENNETH R. GOSSELIN

February 01, 2012

The purchase of Hartford's CityPlace I by a Newton, Mass.-based real estate investment trust was expected to close by the end of last year, but a land deal has held up the sale.

The land in question is the 1.2 acres where CityPlace I is located between Asylum and Pearl streets downtown.

The buyer, CommonWealth REIT, is now waiting for the city of Hartford to sell the land under the 38-story tower to the current owners, CityPlace LLC. Then, the office tower the tallest in Connecticut and the land would be sold as a package, according to William Crowe, a Hartford attorney involved in the deal.

A price of $2.5 million has been negotiated for the 1.2 acres, but city council approval is first needed. A public hearing, expected to be scheduled to be scheduled for late February, also is needed because the sale of city-owned land is involved.

The city has been leasing the property under a 99-year lease since CityPlace I was built in 1983. It sees the sale as an opportunity to bring $2.5 million quickly to strained city coffers.

The buyer sees a package deal, which could close in March, as cleaner for financing, dirt and all.

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