FOR IMMEDIATE RELEASE
HARBOR GROUP INTERNATIONAL PURCHASES
HARTFORD LANDMARK PROPERTY
Harbor Group International (HGI) of Norfolk,
Virginia, has acquired the 845,000 square foot State House
Square in Hartford, Connecticut . State House Financial
Associates, LLC, an affiliate of HGI, purchased the property
from Aetna Life Insurance Company at a purchase price of
$66,000,000. Jeff Dunne and John McCormick of CB Richard
Ellis represented the seller in this transaction.
“
The acquisition of State House Square is a key component
of our strategy. Like other Class A Central Business
District office properties we have purchased, it
is a prominent landmark anchored by a strong tenant
base on long-term leases,” said Jordan E. Slone,
Harbor Group International Chairman and CEO.
The property, constructed in 1987, consists of two 14-story towers coupled
with a historic, 7-story office building in between. Major tenants
at State House Square include Travelers Indemnity Corp., ING Aeltus Investment
Management, Advest Group, Inc., Hilb Rogal & Hamilton, Connecticut
Natural Gas Corp., and UBS PaineWebber, Inc.
The property’s design includes high-quality granite and marble
finishes and flexible 20,000 to 45,000 square foot floor plates.
The property features a food court, Morton’s of Chicago Steakhouse,
a fully equipped 48,000 square foot health club, and an attached 444-space
parking garage.
The Hartford Central Business District contains more than 9.9 million
rentable square feet of office space, of which 6.5 million square feet
is considered Class A. The direct vacancy for Class A office buildings
within the City of Hartford is 15.2% and 16.5% including sublease space
at the end of the first quarter 2003.
The acquisition of State House Square continues HGI’s aggressive
acquisition strategy of the past few years. HGI has acquired other prominent
CBD office properties such as Wachovia Tower in Baltimore, Maryland ;SunTrust
Center and First Virginia Tower in Norfolk, Virginia ;PNC Center in Cincinnati;
Ohio ,SunTrust Bank Building in Nashville, Tennessee ; and National City
Center in Indianapolis, Indiana .
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