John McCormick, Pat Mulready and Jeffrey R. Dunne of CBRE served as exclusive investment advisors to New Boston Fund. Jay Wamester and Nick Morizio of locally based Colliers Dow & Condon represented Grunberg Realty.
The property is home to Prudential Financial, which leases 333,000 sf at the building, the law firm Robinson & Cole, which leases approximately 135,000 sf, as well as UPS Capital and the US National Labor Relations Board. Cigna occupies approximately 100,000 sf in a sublease with Prudential Financial, CBRE officials say. The building is located across the street from the Hartford Hilton Hotel and the future Hartford 21, a 265-unit luxury residential development.
Michael Grunberg, a principal of Grunberg Realty, says that his firm acquired a medical office building at 21 Woodland St. in the city a year ago and after "getting its feet wet" in the market, wanted to increase its presence in the city because of the area's potential for growth. "It (Hartford) has been a declining or flat market for many years and I believe it is due for a rise," he says.
"My expectations are not that of a REIT or the roller coaster investors that are out there buying properties right now who are looking for a quick return," Grunberg continues. He notes that his company plans to own and manage the 280 Trumbull St. building "for many years to come." His firm plans to make improvements to the property, including the implementation of additional security measures.
Grunberg Realty, which also owns 330 West 30th St., and 928 Broadway in New York City, is also planning to perform some upgrades to the building's lobby and will be looking to attract a "white-table cloth" type restaurant to its ground level.
CBRE's Dunne notes, "Grunberg acquired a high-quality asset, tenanted largely by institutional grade tenants, in a market that is poised for economic growth and prosperity." Mulready says that the sale of 280 Trumbull St. fetched the second largest aggregate sale price for an office property in the City of Hartford in the past 15 years.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
