No purchase price was disclosed. Nicholas R. Morizio and Jay Wamester of Colliers Dow and Condon represented both the seller and the buyer in the transaction. The acquisition was made on behalf of Hampshire Partners Fund VI, a $235 million institutional investment fund.
"This particular investment is one of the flagship properties of the Downtown Hartford area," says Hampshire Companies EVP Norman A. Feinstein. "Hampshire plans a significant and comprehensive renovation and repositioning of the property so that it regains its position as one of the premier office destinations in the city." He adds that Hampshire believes "the property has a tremendous future as a Class A business location."
The company states that it has already begun the renovation and capital improvement program at the building, which was built in 1981. The renovation will include a new lobby, new tenant common areas, a fitness center, new tenant conference center, upgraded elevators, improved heating and cooling systems and a number of exterior improvements, company officials say. Current tenants include RBC Dain Rauscher, WTIC-TV/Channel 61 and Tiberius Broadcasting Inc.
"Our investment focus is in the growth corridors of the Northeast and Mid-Atlantic. The Fund is currently very active in seeking additional acquisitions throughout its targeted markets, but we are particularly bullish about the Connecticut market," says Feinstein says.
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