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News release

BOSTON, MA

JLL Closes $71.1 Million Sale of Constitution Plaza Buildings in Hartford

Buyer BHN attracted by surge in development downtown


BOSTON, August 11, 2015 – JLL’s Capital Markets experts announce the $71.1 million sale of a portfolio of six office buildings comprising most of Constitution Plaza in Hartford, CT. BHN Associates of Brooklyn, NY purchased the approximately 664,000 square feet of high and low-rise buildings in the heart of downtown from Metropolitan Life Insurance Co. JLL represented the seller and procured the buyer in the transaction.

Managing Directors Frank Petz and Jessica Hughes, Executive Vice President Chris Ostop, and Vice President Matthew Sherry led the JLL Investment Sales team.

“Constitution Plaza attracted strong interest from regional and institutional buyers,” said Petz. “MetLife positioned the assets well to take advantage of the improving buyer market for assets in secondary markets.”

The sale includes the One and 100 Constitution Plaza office towers, plus the buildings at 10, 248, 250 and 260 Constitution Plaza. Also included was a 1,743-space parking garage.

The area in and around Constitution Plaza is active with redevelopment. The former Sonesta Hotel was recently converted to apartments. There are plans to build an additional apartment and office building at the former Broadcast House site. Trinity College recently purchased 200 Constitution Plaza for its downtown campus.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.