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News release

HARTFORD, CT

JLL Finalizes $113.5 Million Sale of CityPlace I in Hartford

Paradigm Properties purchases Connecticut’s tallest building


HARTFORD, CT—September 15, 2015 – JLL’s Capital Markets experts announce the $113.5 million sale of CityPlace I, a premier 39-story high rise tower in Hartford, CT. Paradigm Propertes purchased the approximately 885,000-square-foot Class A+ asset in the heart of Connecticut’s capital city. JLL represented Equity Commonwealth in the sale.

Managing Directors Frank Petz and Scott Latham, Executive Vice President Chris Ostop, Vice President Matthew Sherry and Associate George Gregory led the JLL team on the transaction.

"Paradigm is an institution-quality owner with a true entrepreneurial attitude," said Ostop, who leads the JLL team in Hartford. "This is clearly a win for CityPlace tenants."

CityPlace I is ideally situated to benefit from the revitalization currently happening in Downtown Hartford. Easily recognized and accessible from I-84 and I-91, CityPlace I defines “best-in-class” with exceptional views, high-quality finishes, on-site parking facility, strong amenity package and efficient floor plates. The building’s grand lobby and three-story atrium with dining and retail offerings is unmatched throughout the capital city. Currently 98% leased to a tenant roster of investment-grade credit and nationally recognized brands, CityPlace I is anchored by United Healthcare Services.

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.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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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.