The Real Deal New York

Tri-state briefs: City Place I sells for $99M

By Zachary Kussin | May 02, 2012 03:00PM

Christopher Ostop From the May issue: In downtown Hartford’s biggest real estate transaction since 2007, the 38-story, 885,000-square-foot office tower City Place I has sold for $99 million, the Hartford Courant reported. Jones Lang LaSalle represented seller CityPlace LLC, and the Courant identified the purchaser as the Massachusetts-based CommonWealth REIT. Newly renovated and 98 percent occupied with tenants like Bank of America and United Healthcare, City Place I hit the market last June. Christopher Ostop, an executive vice president at Jones Lang LaSalle, told the Courant that “the high-quality, investment-grade tenants, along with its excellent location, high-quality construction and consistently high historical occupancy, made this property extremely compelling, and we received numerous offers.” [more]