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Foreclosed Building On Constitution Plaza In Hartford Up For Sale

By KENNETH R. GOSSELIN

January 23, 2012

A five-story office building on Hartford's Constitution Plaza that recently got new owners as a result of a foreclosure is up for sale.

GE Asset Management took control of the building at 200 Constitution Plaza — the former Travelers Education Center — in late December. It had been empty for about a year, but a master lease guaranteed rent payments. The master lease expired several months ago.

Last week, GE declined to comment on its plans for the building, whose ownership is separate from other structures on the plaza.

No asking price has been established because the marketing is just getting started, according to the Hartford office of CBRE-NE, which represents the property.

The city is proposing a fair market value of $7.3 million for calculating property taxes as a result of its 2011 revaluation.

John M. McCormick, CBRE executive vice president, said Monday the 135,000-square-foot building was used for classroom and training space in the past 25 years. But it could be converted to be used entirely as office space for large corporate uses such as a headquarters relocation, general office space or a combination of the both.

The property also is available for lease, McCormick noted.