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December 2, 2022

Simsbury couple bullish on Hartford after $1.25M downtown office building purchase

PHOTO | CONTRIBUTED Jack and Donna Sennott are the new owners of the 100 Allyn St. office building in downtown Hartford.
By Michael Puffer

The Simsbury couple that purchased the historic Crosthwaite Building in downtown Hartford this week has been deeply involved in the city’s civic and business life.

Jack Sennott is president of the Hartford Stage board. Until August, the 57-year-old was employed as CEO and president of Hartford-based specialty insurer CapSpecialty, which has its headquarters in the CityPlace office tower.

As of Thursday, a limited liability company headed by Sennott owns the Crosthwaite Building, a four-story, 24,000-square-foot brick building erected in 1911 to house the Hartford Wire Works Co. Sennott is principal of OBL LLC, which paid Northland $1.25 million for the property.

“I’ve been working in and around Hartford for a while,” Sennott said. “I’m also active in the community. We have wanted to make an investment in Hartford for a while.”

Today, the Crosthwaite Building at 100 Allyn St. is 85% occupied, with two restaurants – Aladdin and Agave Grill – occupying the first floor. A handful of office tenants – including the Hartford Business Journal and Consigli Construction – occupy the upper floors.

Jack Sennott and his wife, Donna, recently sold a 3,500-square-foot commercial building in Winthrop, Massachusetts, an oceanside town just north of Boston. They were seeking a place to invest the proceeds as part of a 1031 exchange.

Sennott said his father recently retired from running a laundromat at the Winthrop property, leaving him and Donna little incentive to hold onto the distant investment. The couple prefer something closer to their Simsbury home.

Sennott said he turned to an acquaintance, CBRE Executive Vice President John McCormick, for help finding an investment. Sennott said he is confident of the potential and trajectory of Hartford and its downtown given recent efforts that have added many apartments and seen an influx of new retailers and restaurants.

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

The Allyn Street corridor is also on the cusp of promising developments, Sennott noted. A sports betting lounge is under construction on the west side of the XL Center, facing the entrance to Allyn Street. Additionally, parking lots neighboring the Sennotts’ new purchase are among three finalist locations being contemplated for a new $334 million federal courthouse.

Jack and Donna Sennott have long been entrepreneurial beyond his insurance career. The couple said they’ve owned a gas station, television advertising business, have produced theatrical productions and even owned a small candle-making business in Waterbury. They have also owned small apartment buildings, but the Allyn Street property currently is their only investment property.

Sennott said he stepped down as CEO of CapSpecialty in August as the roughly 300-person outfit sold to Berkshire Hathaway, along with other assets of Alleghany Corp.

Sennott acknowledged the Class A office market is struggling, with companies downsizing offices due to a shift to remote work. But he believes a well-placed, moderately sized office building in a good location can thrive amid the consolidation trend. 

“I still think there is a need for people to get together,” Sennott said. “I think if you have a niche space for people, that will be helpful.”

Sennott said he may start another business venture and anchor it in the Allyn Street building, and he is contemplating further purchases in Hartford.

“It was really a nice size for an initial Hartford investment,” Sennott said Crosthwaite Building.
 

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