Hartford, CT The Fremont Group (Fremont) has completed the sale of Riverview Sq., a two-tower 325,00 s/f class A office complex and 155 Founders Plaza, a 50,000 s/f signature office building both located in Founders Plaza business park. The properties along with two adjacent parking lots were sold for $50 million to Milton East Hartford Investments, LLC. This sale is one of the largest suburban office transactions to occur in Central Connecticut since 2012.
The Fremont Group will stay on as property manager on behalf of Milton East Hartford Investments and be the primary contact for the building moving forward.
Jonathan Keller, founding partner of Fremont, expressed how pleased he was to be able to own and operate these assets in a first-class manner over the last two decades and was thrilled to be able to transfer ownership to a buyer that will continue to operate them in a professional manner.
Riverview Sq. was originally built in 1983 but was recently completely renovated by Fremont including the replacement of all building systems and amenity spaces. The complex sits prominently along the Connecticut River across from downtown Hartford with visibility from I-84, I-91 and CT Rte. 2. The property is highly amenitized with a newly renovated on-site cafeteria, new fitness center, structured parking and 24/7/365 security. At the time of sale, the properties were collectively over 90% leased to a tenant rent roll that includes Bank of America, the State of Connecticut Judicial Branch, Doosan, Amica Insurance, Stryker and Cyient.
CBRE-Hartford’s Patrick Mulready and John McCormick worked collaboratively with Cory Gubner and Alex Haendler from Newmark as Fremont’s exclusive advisor in the sale. CBRE has also worked on behalf of Fremont, leasing the assets for more than 20 years and will continue as leasing agent for the buildings going forward for the new ownership.