The tallest building in Connecticut — and the only office tower in Hartford greater than 30 floors — is on the selling block. CityPlace LLC, the investment group that owns UnitedHealthcare Center, an 884,669 sq. ft., 39-story tower in downtown Hartford, has hired Jones Lang LaSalle to sell the Class-A building.
Formerly known as CityPlace, UnitedHealthcare Center is located at the corner of Asylum and Trumbull streets. The building is 98% occupied and leased.
Completed in 1983, the tower was designed by Skidmore, Owings & Merrill, built by Urban Investment and Development, and has undergone significant renovations during the past five years.
“The UnitedHealthcare Center’s anchor tenant, the UnitedHealth Group, has a long-term lease at the property, and along with several other investment-grade credit tenants such as Morgan Stanley Smith Barney and Willis, lease over 65% of the building,” says Michael Smith, managing director at Jones Lang LaSalle.
“That, coupled with its excellent location, high-quality construction and consistently high historical occupancy will make this property extremely appealing to investors,” adds Smith.
UnitedHealthcare Center isn’t the only office tower in downtown Hartford to hit the market this year. In April, the 12-story Metro Center One also went on the selling block. Northland Investment Corp. was the owner of Metro Center before it lost the property due to foreclosure.
