Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

August 28, 2020 Deal Watch Today

East Hartford’s former Bank of America office building to be auctioned

Photo | RealINSIGHT Marketplace Bank of America's former office in East Hartford's Founders Plaza is being put up for auction in September.
By Joe Cooper

A now vacant 148,000-square-foot East Hartford office building in Founders Plaza -- formerly fully occupied by Bank of America -- is being put up for auction after an $11.1 loan secured by the property has become non-performing, a real estate listing shows.

The auction begins Sept. 14 and will run for more than two days on real estate website rimarketplace.com, according to a listing posted by commercial brokers RealINSIGHT Marketplace and Newmark Knight Frank.

Prospective bidders will need to be approved before the auction opens to the public. The starting bid is $300,000.

Land records show New York City real estate investor Joshua Safrin, of East Hartford Founders LLC, owns the five-floor suburban office building at 20 Hartland St., which is commonly known as 99 Founders Plaza. Safrin acquired the building for $20 million in 2006.

The office building is located on the same property as East Hartford’s most notable office tower: the half-century-old Founders Plaza office tower on Pitkin Street, which is slated for a new mixed-use residential development.

[Read more: $50M apartment proposal at Showcase Cinemas site leads East Hartford development project trio]

Building overview

Bank of America closed its former check-processing facility at Founders Plaza in recent years as part of a nationwide effort to consolidate operations. 

Built in the early 1970s, the now vacant office building was renovated in 2010. The 7.3-acre site has about 420 parking spaces.

A listing previewing the auction says the site is well situated along the east bank of the Connecticut River and features views of downtown Hartford’s skyline. A $17 million loan was taken out on the property in 2006, the real estate listing shows, and was due to mature on Feb. 1, 2020.

“Hartford, Connecticut is the state capital for Connecticut and boasts a dynamic downtown environment fueled by such industries as insurance and financial services, aerospace, healthcare, broadcasting and logistics and distribution,” the listing continues.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF