April 9, 2018

Virtus office-space shopping in Hartford

Photo | HBJ File
Photo | HBJ File
Virtus Investments Inc. is a major occupant at 100 Pearl St., Hartford.

Hartford wealth-advisor Virtus Investment Partners, name tenant at 100 Pearl St. downtown, is prowling for office space ahead of the expiration of its current lease later this year.

Virtus has been a tenant in the 18-story, blue-tinted-window skyscraper at the northeast corner of Pearl and Trumbull streets since late 2008, just ahead of its 2009 spinoff from Hartford insurer The Phoenix Cos. Previously, Virtus was housed at 56 Prospect St., a building that utility-operator Eversource now owns.

Virtus' logo is visible atop the southern face of 100 Pearl.

It has approximately 170 Hartford staffers spread over about 65,000 square feet on four floors of 100 Pearl, up from about 110 workers a decade ago, according to Virtus spokesman Joe Fazzino. CBRE/New England is assisting Virtus in its space quest.

"We are considering our options, either continuing at 100 Pearl or at another location,'' Fazzino said. "We are fully committed to remaining in Hartford. It's important to be a part of the community.''

He declined to say what other city office-space sites Virtus is exploring.

Virtus has another 440 workers spread among its other offices in New York City; Los Angeles; Chicago; Park Ridge, N.J.; Atlanta; and Orlando, Fla. — the latter pair added when Virtus acquired RidgeWorth Investments last June.

For $2.1M more, Sky Management expands its CT holdings

An East Coast realty investor has deepened its Connecticut holdings with its $2.05 million purchase of four industrial buildings totaling 210,000 square feet on West Johnson Avenue in Cheshire

Sky Management Services LLC, with offices in New York City and Philadelphia, said it acquired 611-617 West Johnson Ave., from seller CT 611 West Johnson Ave.

Sky founder Alex Dembitzer said this is the East Coast realty investor-manager's third Connecticut purchase. Previous buys were both in Meriden: The Sports Direct Building, 160 Corporate Court, for $15 million; and The Medline Building, 550 Research Parkway, for $18 million.

Dembitzer said Sky is underway with an aggressive capital improvement and marketing program to retain and attract tenants.

Dembitzer said Sky is underway with an aggressive capital improvement and marketing program to retain and attract tenants.

Hartford apts. sold

Three Hartford apartment buildings with 50 units sold recently to multiple buyers for a combined $2.1 million, brokers say

At 10-12 Congress St. and 54-58 Maple Ave., Premier Capital purchased 42 apartment units from JR Mullins Co. of Boston for $1.68 million, or $40,000 per unit, according to broker Northeast Private Client Group.

At 30 Congress St., Premier Capital Partners, of Brookline, Mass., bought the four-unit for $175,000. or $43,750 per unit, from Washington D.C. multifamily investor-developer Redbrick Partners.

At 19 Morris St., the six-unit property traded for $265,000 to a private Connecticut-based investor. Redbrick Partners was seller.

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