New Jersey-based real estate developer, The Silverman Group, has sold 100 Pearl Street in Hartford, Connecticut to New York based Shelbourne Global Solutions, LLC for $36,850,000.
CBRE’s Institutional Properties team represented the Silverman and also found the buyer.
Built in 1989, 100 Pearl Street is a 281,000 square foot Class A office tower prominently located on the corner of Pearl and Main Streets in downtown Hartford. The 18-story office property is currently 99% leased by a diverse tenant base that includes Virtus Investment Partners, Guilford Specialty Group, First Niagara, Regus and the Greater Hartford Arts Council. The Silverman Group recenlty spent $2.3 million on capital improvements.
100 Pearl Street has an art gallery available for tenant functions, a 4-story glass atrium lobby, on-site underground parking garage, common area conference room, and a fitness center.
Blake Silverman, President and Co-Founder of The Silverman Group, commented: “When we purchased 100 Pearl Street in mid 2008, it was only 40 percent occupied and in dire need of renovation. Today, 100 Pearl is considered one of the premier buildings in downtown Hartford at over 99.6 percent leased. Once our goal of bringing 100 Pearl back to its Class A stature was accomplished, we determined that it was time for us to sell the asset. We are excited that Shelboune Global will continue 100 Pearl’s quest to be the most premier building in downtown Hartford.”
Image courtesy CBRE