Likely Buyer ID'd For City Site

November 24, 2005
By JEFFREY B. COHEN, Courant Staff Writer

The company reportedly close to buying MassMutual's 11-acre Garden Street facility in Hartford is Time Equities Inc. of New York, a real estate acquisition and investment firm, sources familiar with the talks said Wednesday.

Officials from Time Equities and MassMutual did not comment Wednesday, but a source said the deal could close by the end of November.

According to its website, the Manhattan-based Time Equities has spent more than 35 years investing in real estate, acquiring more than 18.1 million square feet of property in 25 states and four Canadian provinces.

The company's properties include office, industrial and retail, as well as more than 3,300 multi-family apartment units. The website shows only one holding in Connecticut - a Waterbury storage facility.

"By identifying locations with good market fundamentals and targeting under-valued properties in those areas, we are able to achieve above-average returns for our investors," the website says.

The company describes itself as "one of the largest condominium and cooperative converters in New York City by identifying older rental properties and converting renters to homeownership through creative renovation and marketing efforts."

Earlier this month, reports surfaced that a buyer was interested in the site, and Mayor Eddie A. Perez's office stated his preference that it be used for a corporate use first and condominiums second.

It is not clear what is planned for the building, a brick and limestone structure.

MassMutual said last year it would vacate the Garden Street property, which sits in the heart of the Asylum Hill neighborhood, and move most of its operations out of the city. About 850 employees remain at Garden Street and are expected to be moved in the coming months.