Major Hartford real estate investor puts office building up for auction
COSTAR
The Hartford office building at 330 Main St.
Shelbourne Global Solutions, a major investor in Hartford real estate, has put a roughly 40,000-square-foot office building near the city center up for auction.
The 38-year-old, three-story office building, at 330 Main St., will go to auction through online real estate marketplace Ten-X from May 5 through May 7, with bids starting at $500,000.
Shelbourne paid $3.1 million for the property in late 2019, at a time the Brooklyn-based real estate investment company was rapidly growing its real estate portfolio.
Today, Shelbourne’s downtown Hartford office assets have been hard-hit by a trend toward remote work and smaller office leases following the COVID-19 pandemic. Lenders are pushing to foreclose on Shelbourne’s 23-story “Stilts Building” office tower at 20 Church St., and the 12-story Metro Center office tower at 350 Church St.
In January, a Hartford Superior Court judge appointed a receiver for the Metro Center. At the time, Shelbourne Chief Operating Officer Michael Seidenfeld acknowledged challenges in the commercial office market were prompting his company to reposition its portfolio, including by shedding “non-core” assets, starting with the property at 330 Main St.
East Hartford-based real estate services company Goman + York is brokering the sale of the building, which is 67% occupied.
Seidenfeld, this week, said his company continues to re-evaluate its Hartford-area portfolio and explore new development opportunities.
The property at 330 Main St. was not adding value to its downtown development strategy, he said.
The company has pushed forward with new developments despite its office struggles. It’s working with developer Lexington Partners and LAZ Parking CEO Alan Lazowski to advance plans for a conversion of an office building at 15 Lewis St. into a roughly 90-unit boutique hotel.
Shelbourne is also nearing completion of a renovation of the main building of the former Fuller Brush Co. factory, at 3580 Main St. in Hartford, into 155 apartments. Work there is expected to wrap up this summer.
Most Recent
Most Recent
0 Comments