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July 18, 2022 / 2022 Power 25 Real Estate

2022 Power 25 Real Estate: Benjamin Schlossberg

Benjamin Schlossberg

Benjamin Schlossberg’s New York-based real estate investment and development company Shelbourne Global Solutions has had the biggest impact on downtown Hartford’s commercial real estate market over the past eight years.

Schlossberg’s firm since 2014 has bought hundreds of millions of dollars in real estate downtown — including major class A office towers — becoming the center city’s most dominant landlord.

Its portfolio includes the iconic Stilts Building at 20 Church St., which it bought in 2014 for $44.4 million; the blue-windowed office tower at 100 Pearl St., purchased in 2015 for $36.9 million; and the Metro Center at 350 Church St., purchased in 2015 for $36.9 million

Photo | Contributed
Shelbourne owns the Stilts Building in Hartford, at 20 Church St.

Besides its dominant office space holdings, Shelbourne has been branching out to other property types.

It plans to redevelop a portion of the former 12.5-acre Fuller Brush manufacturing campus in Hartford at 3580 Main St., into 153 market-rate apartments. That effort gained momentum in May when the Capital Region Development Authority signed off on an $8.5 million low-interest loan for the $36.2 million project.

In June 2021, Shelbourne and Waterbury-based Axela partnered to acquire downtown Hartford’s Red Lion hotel for $22 million, with plans to spend another $8 million converting the remaining guest rooms into market-rate apartments.

Finally, Shelbourne is also one of the partners in the ongoing mixed-use, $100-million redevelopment of Hartford’s Pratt Street corridor, which will add hundreds of new or refurbished apartments.

More recently, Shelbourne has been trying to find creative ways to bring people back to downtown Hartford. It created a new marketing video to promote the city and is offering significant discounts and perks, including lower parking rates and discounted apartment rents, for new office tenants.

Things haven’t always been easy for Shelbourne in Hartford. This spring, Schlossberg warned of ruinous impacts from the city’s recent revaluation, which increased the market value on three of Shelbourne’s four Class A office towers by more than $12 million combined, which could translate into a major tax increase.

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