A historic six-building office complex in the Connecticut capital of Hartford is being marketed for sale following a foreclosure.
The Hartford Business Journal reports the 662,106-square-foot Constitution Plaza is being listed without an asking price. The sale will provide the buyer with control of the buildings through a long-term ground lease and not with ownership of the underlying land.
Constitution Plaza was constructed in the early 1960s as an urban renewal project and is being marketed as a redevelopment opportunity – the property spans 6.5 acres and includes two multilevel garages with 1,743 parking spaces. Currently, the complex’s overall occupancy rate is 60.5%, although that level varies among the six buildings; the property represents roughly 10% of the city’s vacant office space.
The property is being marketed by JLL (NYSE: JLL), which has not set a deadline for bids. Hartford Mayor Arunan Arulampalam said the city is hoping that any redevelopment would be directed into new housing.
“Constitution Plaza is an important property at the heart of our capital city, and this transition presents an extraordinary opportunity to reimagine its role in Hartford’s future,” Arulampalam said. “We are working with partners to ensure that this doesn’t fall into the hands of outside investors, but instead is developed by partners who share our commitment to converting this underutilized commercial space into an asset to build on the expansion of housing and vibrancy in our downtown.”
Two years ago, a foreclosure action was filed against Constitution Plaza Holding LLC by lenders claiming a $50.87 million debt. A court approved the foreclosure last October.
Photo by Daderot / Wikimedia Commons
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