Value-Add | Class B Office with Industrial | 285 Broad St
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Value-Add | Class B Office with Industrial 285 Broad St
289,392 SF 23% Leased Office Building Online Auction Sale Hartford, CT 06115
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Investment Highlights
- 285 Broad Street is a Hartford landmark, spanning 289,392 SF of Class B office and industrial space, offering significant value-add opportunities.
- Excellent value-add repositioning opportunity with the flexibility for a variety of end uses.
- Located in Hartford's downtown area with neighboring major corporate companies, including Aetna, Hartford Insurance, and more.
- Strategically situated adjacent to Interstate 84, ensuring seamless access to major market hubs like New Haven, Boston, Albany, and New York City.
- Equipped with three power feeds, three passenger elevators, two freight elevators, an atrium lobby, conference rooms, and training facilities.
Executive Summary
285 Broad Street, a Hartford landmark, is a 289,392-square-foot office and industrial facility situated in the heart of Hartford, Connecticut. Spanning a city block on 4.41 acres, this four-story, headquarters-quality asset offers approximately 175,000 square feet of office space and 120,000 square feet of industrial space. This Class B property is equipped with three separate power feeds, three passenger elevators, two freight elevators, an atrium lobby, executive office spaces, a full-service cafeteria, conference and training rooms, and ample surface parking. In addition, the industrial space offers 14- to 16-foot high ceilings, three loading docks, two drive-in doors, and 11 dock-height bays, and can accommodate 40-foot trailers and large-scale operations. Currently occupied at 23%, with television station FOX 61 as the anchor tenant, this property presents a significant value-add opportunity. Flexible zoning further enhances its appeal for investors and owners/users alike.
Strategically located adjacent to Interstate 84, 285 Broad Street is highly visible to over 166,000 daily vehicles, providing excellent branding opportunities. The property’s location offers seamless access to major highways, making it ideal for logistics and distribution operations. The property is less than a mile from the Hartford Union Station and a 10-minute drive from the Hartford-Brainard Airport, making business travel and daily commute a breeze. Within Hartford’s downtown, the property is surrounded by major employers such as Aetna, The Hartford Insurance campuses, the Connecticut Education Association, and the State of Connecticut’s Legislative Office Building. Additionally, the area benefits from a diverse and skilled workforce of over 242,000 individuals within a 5-mile radius and a median household income of $61,000.
The Greater Hartford Region lies at the center of Connecticut, the third-most educated state in the nation, and serves as a hub for innovation and commerce. Known as the Insurance Capital of the World, Hartford is home to leading insurance and financial services companies, as well as a growing technology sector. This rich economic landscape makes 285 Broad Street a prime value-add repositioning opportunity in the Northeast. With its unique combination of office and industrial space, strategic location, and ability to attract diverse tenants, this property represents a rare chance to invest in a dynamic and evolving market.
Strategically located adjacent to Interstate 84, 285 Broad Street is highly visible to over 166,000 daily vehicles, providing excellent branding opportunities. The property’s location offers seamless access to major highways, making it ideal for logistics and distribution operations. The property is less than a mile from the Hartford Union Station and a 10-minute drive from the Hartford-Brainard Airport, making business travel and daily commute a breeze. Within Hartford’s downtown, the property is surrounded by major employers such as Aetna, The Hartford Insurance campuses, the Connecticut Education Association, and the State of Connecticut’s Legislative Office Building. Additionally, the area benefits from a diverse and skilled workforce of over 242,000 individuals within a 5-mile radius and a median household income of $61,000.
The Greater Hartford Region lies at the center of Connecticut, the third-most educated state in the nation, and serves as a hub for innovation and commerce. Known as the Insurance Capital of the World, Hartford is home to leading insurance and financial services companies, as well as a growing technology sector. This rich economic landscape makes 285 Broad Street a prime value-add repositioning opportunity in the Northeast. With its unique combination of office and industrial space, strategic location, and ability to attract diverse tenants, this property represents a rare chance to invest in a dynamic and evolving market.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financial
- Property Survey
- Title and Insurance
- Purchase Agreement
Market Analytics Click Here to Access
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Market Sale Price per SF
Hartford - CT USA
Market Cap Rate
Hartford - CT USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Building Size
289,392 SF
Building Class
B
Year Built/Renovated
1928/1989
Percent Leased
23%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
72,348 SF
Slab To Slab
14’
Building FAR
1.51
Lot Size
4.41 AC
Opportunity Zone
Yes
Zoning
C1 - Commercial
Parking
480 Spaces (1.66 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Fenced Lot
- Signage
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Information
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
TEGNA’s employees are united by a common purpose to serve the greater good of their communities. Their talented team is driven by their strongly-held values to make a difference in their work, their company and their communities. They strive to create an environment which offers professional challenges, encourages innovation and rewards results. TEGNA owns 64 news brands in 51 markets, making them one of the largest and geographically diverse broadcasters in the U.S. They are the largest owner of Big Four affiliates in the top 25 markets among independent station groups and reach approximately 39 percent of all TV households nationwide. Each month, TEGNA reaches nearly 60 million adults across their digital platforms, and their stations have more than 40 million social media followers and subscribers. For streaming viewers, each TEGNA station has its own YouTube channel, as well as free Roku and Amazon Fire TV apps which offer live and on-demand news, weather and sports.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Information | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Walk Score ®
Very Walkable (88)
Transit Score ®
Excellent Transit (78)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
38,782
160,632
272,839
2020 Population
34,333
160,195
273,228
2029 Population
39,454
159,879
271,396
2024-2029 Projected Population Growth
1.7%
-0.5%
-0.5%
Daytime Employees
90,521
156,231
220,268
Total Businesses
7,072
14,620
20,891
Average Household Income
$57,290
$71,325
$88,303
Median Household Income
$34,978
$46,959
$61,906
Total Consumer Spending
$353.3M
$1.5B
$3B
Median Age
34.3
35.2
37.8
2024 Households
18,384
64,206
108,771
Percent College Degree or Above
14%
13%
16%
Average Home Value
$238,948
$274,572
$289,619
zoning
| Zoning Code | C1 (Commercial) |
| C1 (Commercial) |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $4,118,100 | |
| Land Assessment | $862,820 | Total Assessment | $4,980,920 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$862,820
Improvements Assessment
$4,118,100
Total Assessment
$4,980,920
Sale Advisors
Sale Advisors
Cory Gubner, Executive Managing Director
(203) 531-3626
Contact
Cory Gubner joined Newmark in 2018 as an Executive Managing Director in the company’s Stamford, Connecticut, office. Leading a team of eight, Gubner assists clients in a full array of real estate advisory services, including investment sales and landlord, tenant and agency representation. Gubner has 30 years of experience serving commercial real estate clients and has overseen transactions with an aggregate value of several billion dollars.
Gubner joined Newmark after founding and serving as President and CEO of RHYS, the largest boutique commercial real estate firm in the Stamford market. Since 1998, Gubner has built and led three commercial real estate companies from the ground up, and each time he was responsible for all aspects of founding, growing and eventually merging and/or selling the company. Gubner also spearheaded the investment sales team at each of his companies.
Widely recognized as an industry leader, Gubner is frequently asked to serve as a monitor or expert panelist on workshops and seminars hosted by the NAIOP, Building Owners and Managers Association (BOMA), Real Estate Finance Association (REFA), International Council of Shopping Centers (ICSC) and other leading industry organizations. He is also widely quoted in news channels and industry publications.
Gubner joined Newmark after founding and serving as President and CEO of RHYS, the largest boutique commercial real estate firm in the Stamford market. Since 1998, Gubner has built and led three commercial real estate companies from the ground up, and each time he was responsible for all aspects of founding, growing and eventually merging and/or selling the company. Gubner also spearheaded the investment sales team at each of his companies.
Widely recognized as an industry leader, Gubner is frequently asked to serve as a monitor or expert panelist on workshops and seminars hosted by the NAIOP, Building Owners and Managers Association (BOMA), Real Estate Finance Association (REFA), International Council of Shopping Centers (ICSC) and other leading industry organizations. He is also widely quoted in news channels and industry publications.
Matt Armstrong, Senior Managing Director
(203) 531-3630
Contact
Matt Armstrong joined Newmark in 2023 as Senior Managing Director in the company’s Stamford, Connecticut office. Armstrong assists clients in a full array of real estate advisory services, including investment sales, debt, equity and landlord, tenant and agency representation. Armstrong has over 20 years of experience in commercial real estate including development, capital markets, leasing, construction, design, land use and entitlements. This diversified background provides clients with a wealth of experience when trying to solve complex transactions. Armstrong joined Newmark after serving as President of Gordon Group Holdings, one of the country’s leading mixed-use and retail developers. Prior to this, he served as Vice President of Development for Morgans Hotel Group, a boutique hotel company founded by Ian Schrager with a portfolio of 14 hotels in the United States and Europe. Armstrong has resided in Fairfield County, CT his entire life and has a deep familiarity with the market and surrounding region.
Alex Haendler, Managing Director
(203) 979-9710
Contact
Alex Haendler joined Newmark in 2018 and serves as a director in the company’s Stamford, Connecticut, office. Alex specializes in the sale of multifamily and office properties of all types, including institutional, private capital, mixed-use, land for development and adaptive reuse. He has been involved in the sale and recapitalization of more than $500 million in assets and has completed more than $1.5 billion in property valuations. Prior to Newmark, Alex was a director for RYHS Commercial, a boutique commercial real estate company based in Stamford, where he specialized in the acquisition and disposition of core, value-add and opportunistic real estate in Connecticut and New York.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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Auction Contact
Mary Humphreys
Contact
Auctioneer License:
Ten-X, Inc. Samantha Corbat RE Brkr REB.0790949
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Value-Add | Class B Office with Industrial | 285 Broad St
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