- May 29, 2019
- New Acquisition
Hart Realty Advisers has purchased two Class A office buildings in the upscale Glastonbury/Somerset Square submarket of Hartford, Connecticut, for $30.3 million.
Together the pair of buildings, 180 Glastonbury Boulevard and 200 Glastonbury Boulevard, comprise 184,871 square feet. Both have numerous stable long-term boutique and corporate tenants in the wealth management, insurance, FinTech and accounting sectors with lease expirations evenly spread over the coming decade.
Located just minutes from Hartford’s central business district, Somerset Square offers easy access to major routes such as the I-91 highway and it is surrounded by premium amenities such as the adjacent retail center, The Shops at Somerset Square, and dozens of other leading national retailers and restaurants. The Glastonbury/Somerset Square submarket is one of the most dynamic in the Hartford region, and commands the highest rental rates in the area.
Hart Realty Advisers is making the purchase as a core plus investment on behalf of an institutional separate account client.
“180 and 200 Glastonbury Boulevard are some of the most attractive assets in the Hartford area, with a high-end tenant base and surrounded by a bustling master-planned community with dozens of retailers and restaurants that draw activity seven days a week,” said David S. Hart, Co-CEO of Hart Realty Advisers.
The seller of the pair of buildings was Barings LLC, one of the world’s largest diversified real estate investment managers, on behalf of institutional investors.
The transaction was brokered by CBRE Hartford’s John McCormick, Patrick Mulready and Anna Kocsondy, who represented the seller. CBRE will oversee leasing and management of the buildings.