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May 24, 2019

LAZ, Shelbourne team up to buy Hartford's 'Gold' Building for $70.5M

Hartford's Gold Building has been sold for $70.5 million.

An investment arm of Hartford parking giant Laz Parking and another major downtown landlord on Friday purchased one of the city’s most iconic and recognizable skyscrapers -- the Gold Building -- for $70.5 million, realty sources said.

LAZ Investments and New York’s Shelbourne Global Solutions LLC have co-partnered to buy the the 26-story, glass-sheathed tower, known as One Financial Plaza, 755 Main St., from Talcott Realty Investors.

As part of the deal, Laz Parking will move its corporate headquarters from 15 Lewis St., to the Gold Building where it will occupy 35,000 square feet, realty sources said.

The approximately 660,000-square-foot building’s adjoining, 1,140-space parking garage fronting on Pearl Street is part of the deal.

Hartford Business Journal was first to report news of a possible deal in January.

LAZ currently occupies several floors of 15 Lewis St., a five-story office building CEO Alan Lazowski owns overlooking Bushnell Park. The Hartford Business Journal is also a tenant.

Lazowski indicated in January that he is considering converting 15 Lewis St. into apartments.

HBJ File Photo
LAZ Parking CEO Alan Lazowski.

The Gold last sold in 2000 to current owner Talcott Realty Investors for $59.64 million. Online city assessment records listed the total value of The Gold and its parking garage at $64.1 million.

Travelers Cos. is The Gold’s biggest current tenant having increased its office footprint in the tower erected in 1981 as a former lead tenant, United Technologies Corp., began shrinking its presence there in recent years.

In 2015, UTC relocated its headquarters from The Gold and downtown Hartford to a suburban office park in Farmington.

Last year, Virtus Investments relocated its headquarters from 100 Pearl St., one block away, to The Gold under a multiyear lease. Last June, New York adviser Global Atlantic Financial Group relocated its suburban Simsbury office and 85 workers to One Financial Plaza.

Meantime, Shelbourne Global, which owns downtown Hartford’s Stilts Building, 20 Church St. and 100 Pearl St., has slowly been amassing a realty empire in the center city.

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