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HARTFORD-The Silverman Group of Short Hills, NJ has acquired 100 Pearl St. here from New Boston Fund for what sources say is about $18 million. CB Richard Ellis had no comment on the reported purchase price. CBRE officials say the deal closed on Friday, Feb. 29.

Built in 1989, the 17-story, 281,000-sf office building in Downtown Hartford is about 70% leased. Major tenants at the property include: Guilford Specialty Insurance, Sovereign Bank and Trust of Connecticut, Robert Half International, Regus and Cohn Birnbaum & Shea. The property was originally developed by the Fusco Corp. and served as the headquarters for both Mechanics Savings Bank and Bank Boston, Connecticut.

CBRE’s John McCormick and Pat Mulready from its Hartford office and Jeffrey Dunne from CBRE’s New York Institutional Group represented New Boston Fund and procured the buyer. The complex, located at the corner of Trumbull and Pearl streets, features a four-story atrium lobby and art gallery, a café, conference facility, fitness center and an underground parking garage.

Commenting on its latest purchase, Blake Silverman, EVP of Silverman Group, says, “We are extremely excited about the 100 Pearl St. acquisition. The purchase represents the first of many for the Silverman Group in the greater Hartford market, as we look forward to continued expansion within the region. It is our intention to make 100 Pearl St. the premier address in Downtown Hartford.”

Bill Fenn, VP and regional asset manager for New Boston Fund, says that the firm instituted major improvements at the building which were ultimately recognized in 2006 when the Building Owners and Manager Association awarded it with its Office Building of the Year Award. “The Connecticut and Greater Hartford markets continue to be focus locations for New Boston Fund and we expect that our longstanding experience in this region will continue to provide us with great investment opportunities for our latest funds,” he adds.

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