A three-building portfolio grouped around East Hartford’s massive Interstate 84 interchange has traded hands for $50 million.
The Fremont Group sold the two-building Riverview Square complex and 155 Founders Plaza to Milton East Hartford Investments LLC, a White Plains, New York-registered company owned by Scarsdale, New York resident Mark Graham according to state business records.
The Riverview Square complex consists of two towers and a parking podium containing 325,000 square feet of class A office space overlooking the Connecticut River between the Founders and Bulkeley bridges, while 155 Founders Plaza is a 3-story, 50,000-square-foot office building a third of a mile away and separated from the main Founders Plaza buildings by a sea of parking lots.
Riverview was built in 1982 according to East Hartford property records, and is appraised at $27 million. Building permit records show its cafe and fitness center were renovated between 2017 and 2019.
The Founders Plaza building was constructed in 1979, property records show, and is appraised at $3.61 million.
Both properties were 90 percent leased to tenants like Bank of America, the State of Connecticut Judicial Branch, Doosan, Amica Insurance, Stryker and Cyient at the time of sale, Fremont said.
Fremont added that it has been contracted to stay on as property manager after stewarding the buildings for the last two decades.
CBRE – Hartford’s Patrick Mulready and John McCormick and Newmark’s Cory Gubner and Alex Haendler represented ownership in the transaction. CBRE has also been the leasing agent for the buildings for over two decades and will continue in that role, Fremont said.
Before the pandemic, East Hartford officials had tried to encourage redevelopment of the main Founders Plaza property as a “live-work-play” destination.