January 10, 2017

Hartford's Metro Center sells for $49M

Metro Center, 350 Church St.

New York landlord Shelbourne Global Solutions is quietly becoming one of downtown Hartford's most prolific landlords, after an announcement late Monday that it reached a deal to buy the Metro Center office tower on Church Street for $49 million.

Shelbourne, which also owns 100 Pearl Street and the Stilts buildings downtown, bought the Metro Center from West Hartford's The Fremont Group. In a written statement, Fremont said it formed a strategic alliance with Shelbourne, in which Fremont will continue to consult and manage the property.

The Fremont Group purchased Metro Center, whose tenants include Lincoln Financial, CBIA and Cohn Reznick, in 2013 for $22.7 million, which means the property's market value more than doubled in just a few years.

The building was formerly owned by Northland Investment Corp. until the property was swept up in years of foreclosure proceedings early this decade. Northland eventually lost the building.

Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

Today's Poll Will Gov. Malloy extract further wage/benefits concessions from state employee unions this season?<>
Most Popular on Facebook
Copyright 2017 New England Business Media