Hartford's 100 Pearl skyscraper for sale

October 23, 2014

Deal Watch Today

Weeks after downtown Hartford's distressed CityPlace II skyscraper landed a new owner, a healthier office tower directly opposite 100 Pearl Street is on the sale block without an asking price.

Short Hills, N.J., landlord The Silverman Group is selling the 17-story building sheathed in sapphire-blue glass it bought two years ago, paying a reported $18 million cash for the tower at the northeast corner of Pearl and Trumbull that at the time was about two-thirds vacant.

A digital flyer circulating from the Hartford office of CBRE/New England, which has the listing, claims 100 Pearl's approximately 281,000 square feet is 99 percent leased. Corporate tenants include Virtus Investment Partners, Updike Kelly & Spellacy, Guilford Specialty Group, First Niagara, First National Title, Ricoh USA, Regus, Environ and Robert Half International, and the nonprofit Greater Hartford Arts Council.

According to the flyer, 100 Pearl Street offers a first-year in-place net operating income of $3.2 million annually, with few of its current leases due to expire in the short term. Its underground parking garage yields another $600,000 in revenue a year.

Silverman has invested some $2.3 million in the building, the flyer says. Those include a revamped main entryway and six-story foyer, with concierge station. Other additions include an expanded fitness suite and fourth-floor caf area with a pool table and flat-screen TVs.

The building debuted in 1989 and for a time was headquarters for former Mechanics Savings Bank, now part of Webster Bank.

Officials with The Silverman Group and CBRE/New England did not immediately return calls Thursday for comment.

Listing of 100 Pearl comes just two months after a Monroe, N.Y. investment group paid $20.6 million for CityPlace II, 185 Asylum St., at a foreclosure auction in August. That building was previously owned by Northland Investment Corp.

Read this article:
Hartford's 100 Pearl skyscraper for sale