"The new location provides S.H. Smith & Co. with access to Hartford's vibrant downtown environment," says Todd Anderson, principal of the Hampshire Co. in a statement.
S.H. Smith & Co. was a suburban tenant for 25-plus years, explains a spokesman for CBRE, and 20 Church St. offered the best opportunity to recruit talent and create a showcase headquarters, while being within walking distance to many of its clients.
The challenges, a spokesman for CBRE points out to GlobeSt.com, were that 20 Church had to "price the deal, taking into consideration that suburban options had free parking, and downtown Hartford did not. The tenant, in turn, was willing to sign a 12-year lease term to make the economics work."
The class A office is 23-stories and 425,000 square feet. The iconic building was acquired by the Hampshire Co. in 2006 for reportedly under $2 million. The building was purchased as part of the Hampshire Partners Fund VI, which is a $235-million institutional real estate investment fund, focused specifically on industrial, retail and suburban office products.
CBRE says there was no official "asking rent" and that it is on a "case-by-case" basis. Colliers Dow & Condon list CBD rent at roughly $23.71 per square foot, on average. John McCormick, Patrick Mulready and Alexis Augsberger of CB Richard Ellis represented both Hampshire and S.H. Smith in the proceedings.
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