October 6, 2014
Deal Watch Today

NY buyer pays $20.6M for CityPlace II

File photo
File photo
CityPlace II is the shorter tower next to its neighbor, CityPlace, in downtown Hartford.

The suburban New York owner of CityPlace II paid $20.58 million for the 18-story downtown Hartford office tower at 185 Asylum St. at foreclosure auction in August, city records show.

CityPlace II LLC, based in Monroe, N.Y., about 40 miles north of New York City, acquired the building and related ground-lease interests from seller COMM 2006-C8 Asylum Street LLC, c/o LNR Partners LLC.

LNR, of Miami, Fla., is the servicing entity representing the investor syndicate who foreclosed on the building from Massachusetts landlord Northland Investment Corp., which bought CityPlace II in 1999 in a whirlwind expansion into Hartford's commercial realty market.

The actual CityPlace II auction occurred in late August, but the filing of documents recording the transfer with the city occurred mid-afternoon on Friday, records show. The sale generated a $257,250 real estate conveyance-tax payment to the state, and $102,900 to the city.

Neither the new owner nor its representatives immediately returned a call Monday for comment.

However, the Hartford office for commercial realty broker-adviser Cushman & Wakefield announced Monday the new CityPlace II landlord hired its executive director Joel Grieco to oversee a fledgling leasing campaign underway to fill the building's remaining space.

A pair of existing office tenants recently renewed their CityPlace II leases, realty sources say.

Grieco said in a statement the new owner also plans renovations and other improvements to the building.

CityPlace II, with 301,611 square feet on 0.45 acres, bounded by Asylum, Pearl and Trumbull streets, opened in 1989. Its taller, look-alike, 38-story CityPlace I, was built in 1983. CityPlace I was not tied to the CityPlace II foreclosure and subsequent sale.

However, the two towers share a cross-easement agreement dating to Sept. 15, 1983, city records show.

Read more

Stilts Building, CityPlace II deals ripple through downtown

Hartford's CityPlace II heads to auction block

Iconic Hfd. office tower heads for sale

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