The Fremont Group closed its $22.7 million purchase of downtown Hartford’s Metro Center tower late Monday, the West Hartford-based commercial real estate firm told me this morning.
Jonathan Keller, president of The Fremont Group, told me he considers the 296,000-square-foot building on Church Street to be one of the top five downtown office buildings, enhanced significantly by its 1,250-space parking garage.
The purchase price is roughly $80 a square foot. Financing was a combination of a bank loan and equity. Farmington Bank was the lender on the deal.
Northland Investment Corp. lost the tower, its first purchase in Hartford, to foreclosure in 2011. Bids were sought for the building late last year.
Keller said the 12-story building is about 80 percent leased and has two major tenants — Lincoln Financial and the Connecticut Business & Industry Association. Both recently renewed their leases, Keller said.
Fremont, Keller told me, has long wanted to make a major investment in downtown Hartford — and the time was now right.
“In downtown Hartford, there are enough things going on right now, you’re going to see the health of the office market improve in the next three to five years,” Keller said.
Fremont was founded in 1996, and its major holdings include the Riverview Square office complex and a majority of the Prestige Park industrial area, both in East Hartford; and 200 Great Pond in Windsor.
In Hartford, Fremont owns 90 Washington St.