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July 9, 2019 Deal Watch Today

Spinnaker eyes Hartford’s 55 Elm

HBJ Photo | Joe Cooper The former state office complex at 55 Elm St. is set to be converted into 164 new apartments.
By Gregory Seay

The stately 55 Elm St. office building in downtown Hartford is under contract for sale, the prospective Norwalk buyer says.

Spinnaker Real Estate Partners co-partner Matthew Edvardsen confirmed Tuesday his firm has a purchase-contract on the building housing the state attorney general, state comptroller and state treasurer, among others.

A partnership involving The Simon Konover Co. in West Hartford owns the building originally erected as headquarters for former Connecticut General Life Insurance Co., Cigna’s predecessor.

Edvardsen declined to say how much his firm has offered, but said a closing, once all due diligence is resolved, is expected by year-end.

The Elm Street property is seen as a potential cornerstone of the planned master redevelopment of acres of surface parking and older structures fronting The Bushnell Center for the Performing Arts into housing, retail and office space.

The proposed Bushnell South redevelopment is adjacent to where the state is erecting its new office building and parking garage.

Meantime, the state is on track to begin before year-end relocating state agencies and workers at 55 Elm St. to other existing state office space in the city, a state Department of Administrative Services spokesman said.

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