Real estate: News
The Hampshire Partners Fund VI Acquires One Corporate Center Building in Hartford, CT 30/08/2006
Author: Lianna Brinded
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, today announced the acquisition of One Corporate Center, a landmark 23-story, 425,000 square foot office building in downtown Hartford, Connecticut.
Late July 2006, the acquisition was made on behalf of Hampshire's $235 million institutional investment fund, Hampshire Partners Fund VI.
One Corporate Center is a landmark property located at 20 Church Street on the corner of Main Street in downtown Hartford. It is one of the most highly visible and easily recognized buildings in Connecticut, because of its unique architectural style and its premier location at the juncture of I-84 and I-91.
Located within Hartford's downtown business district, this property is both strategically and conveniently located, and offers breathtaking and panoramic views of the Capitol district, The Civic Center, the Connecticut River, and all of downtown Hartford. The building is only 13 miles from Bradley International Airport.
"This particular investment is one of the flagship properties of the downtown Hartford area. Hampshire plans a significant and comprehensive renovation and re-positioning of the property so that it regains its position as one of the premier office destinations in the city," said Norman A. Feinstein, Executive Vice President of The Hampshire Companies. "We are proud to be a part of the City of Hartford, and believe that this property has a tremendous future as a Class A business location."
Hampshire has already commenced a major renovation and capital improvement program at the building. The renovation will include a new lobby, new tenant common areas, a fitness center, new tenant conference center, upgraded elevators, improved heating and cooling systems and a number of exterior improvements. Current tenants include RBC Dain Rauscher, WTIC-TV/Channel 61 and Tiberius Broadcasting Inc.
Nicholas R. Morizio and Jay Wamester of Colliers Dow and Condon represented both the seller, Church Street Operating LLC, and Hampshire in the transaction.
"The goal of Hampshire Partners Fund VI is to deliver superior, above-market returns to its investors through the acquisition, repositioning and operation of investment-grade properties," notes Feinstein. "Our investment focus is in the growth corridors of the Northeast and Mid-Atlantic. The Fund is currently very active in seeking additional acquisitions throughout its targeted markets, but we are particularly bullish about the Connecticut market."
The Hampshire Companies is a full-service, private real estate investment fund manager based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments in order to consistently outperform the market.
