July 24, 2015
Deal Watch Today

100 Pearl's seller buying The Hartford's campus

Contributed photo
Contributed photo
The Hartford's 172-acre Simsbury campus.

The New Jersey landlord that last spring sold off its downtown Hartford skyscraper is back, this time with a tentative offer for The Hartford's 172-acre Simsbury campus and anchor office building.

Neither spokesmen for The Silverman Group nor The Hartford would say Friday what price or other terms are offered. A deal, they say, is set to close sometime in the fourth quarter.

The Hartford's property is at 200 Hopmeadow Street.

"We have worked for a year to acquire this property and are excited to become a part of Simsbury's growth and future development," said President Blake Silverman. "We consider the property to be a tremendous redevelopment opportunity for our company and the town of Simsbury as well as the greater Hartford area."

Silverman Group will use the town's reapproved "form based code'' for the property to redevelop it. Form-based code lays out all the specifications and restrictions for redeveloping a particular parcel, saving the developer time, money and headaches in petitioning the town to approve individual aspects of a project.

"We worked closely with representatives of the town of Simsbury throughout the marketing and sales process, including the development of the form based code," said Jahn Marie Surette, head of real estate at The Hartford. "The Hartford's goal was to find a buyer that will invest in, and contribute to, the community, and we are pleased The Silverman Group shares that vision."

In March, Silverman Group sold the blue glass-sheathed, 17-story 100 Pearl St. tower to Shelbourne Global Solutions LLC, also owners of downtown Hartford's "Stilts Building,'' for $36.85 million, five years after paying a reported $18 million to acquire it.

CBRE-New England is the listing broker for The Hartford's campus.

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