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April 22, 2022

Northland-owned downtown Hartford office building listed for sale

COSTAR The Crosthwaite Building at 100 Allyn St. in downtown Hartford.

A historic downtown Hartford office building owned by Northland Investment Corp. — once the center city’s most prominent landlord — has been listed for sale. 

The 24,000-square-foot Crosthwaite Building at 100 Allyn St. was listed for sale without an asking price, according to marketing materials sent via email to brokers. 

The four-story brick and beam office building dates to 1911 and is listed on the National Register of Historic Places.

The mixed-use office property is currently 85% leased, according to marketing materials, with tenants that include Consigli Construction, Shepley Bulfinch, and Mexican restaurant Agave Grill.

The Hartford Business Journal is also a tenant in the building.

Northland bought the property in 1998 for $850,000, property records show. The Massachusetts-based real estate investor and developer was once downtown Hartford’s largest landlord owning many of the city’s Class A office towers, before it lost several buildings to foreclosure in the wake of the 2008 financial crisis. 

Even still, Northland remains a major player in Hartford: it still owns the 260-unit Hartford 21 luxury apartment complex and 242 Trumbull St., 304,000-square-foot office building at the corner of Trumbull and Pratt streets. It also owns the vacant former YMCA property on Jewell Street.

The Crosthwaite Building has been listed for sale at a time of  uncertainty for Hartford’s office market, which has faced pressure during the pandemic, as many employers allowed their employees to work remotely. In recent weeks, more downtown companies, including major corporations like Travelers Cos. and The Hartford, have brought more of their workers back to the office. 

Downtown Hartford’s office vacancy rate at the end of the fourth quarter was 18.8 percent, according to brokerage firm CBRE. Downtown’s 15 Class A office towers had a vacancy rate of 21.7% at the end of the fourth quarter.

As leases expire, many companies are opting to downsize their office footprints as they move toward a more permanent hybrid model, where employees come to the office part of the week and spend other days working remotely. 

CBRE is the listing broker. 

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