The Fremont Group Divests East Hartford Office Properties for $50M
The Fremont Group has completed the combined $50-million sale of Riverview Square, a two-tower 325,000-square-foot Class A office complex, and 155 Founders Plaza, a 50,000-square-foot signature office building. Both properties are located in the Founders Plaza business park in East Hartford, CT.
Patrick Mulready and John McCormick of CBRE with Cory Gubner and Alex Haendler of Newmark represented Fremont. The assets, along with two adjacent parking lots, were acquired by Milton East Hartford Investments, LLC.
The Fremont Group will stay on as property manager on behalf of Milton East Hartford Investments, LLC; CBRE will remain as leasing agent.
At the time of sale, the properties were collectively over 90% leased to tenants including Bank of America, the State of Connecticut Judicial Branch, Doosan, Amica Insurance, Stryker and Cyient.
According to Fremont, which acquired the properties in 2000, the sale represents the largest suburban office transaction to occur in Central CT since 2012.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.