Hartford Business Journal

HartfordBusiness.com | March 8, 2021 | Hartford Business Journal 5 DEAL WATCH What Can We Do For You? 860.871.1111 www.nemsi.com 55 Gerber Road East, South Windsor, CT 06074 For over 50 years, clients have counted on NEMSI for: HVAC, Plumbing and Process Piping | Electrical Services Energy Management Systems | LEED Certification Programs Design-Build Construction | 24/7/365 Emergency Response Comprehensive Preventive Maintenance Programs NEMS's Recent Awards Include: » ABC Platinum Safety Award » ABC Accredited Quality Contractor (ABC-AQC) » ABC Excellence in Construction Award » ABC Specialty Contractor of the Year » Contracting Business First Place Design/Build Award License #s: E1-0125666 • S1-302974 • P1-203519 F1-10498 • SM1-192 • MC-1134 Offices in: New London | Trumbull | Pawtucket, RI Palmer, MA | Manchester, NH | Albany, NY So You Can Focus On Your Business We focus on your facilities ES_NEMSI HBJ Hlf pg_201221.indd 1 ES_NEMSI HBJ Hlf pg_201221.indd 1 12/21/20 5:05 PM 12/21/20 5:05 PM 200 Great Pond Drive, Windsor Type: Office 142,831 sq. ft Starting Bid: $6 million Current owner: EIP 200 Great Pond Drive, LLC (Equity Industrial Partners) Listing Broker: John McCormick, CBRE, 860-987-4736 GE-anchored Windsor office building heading to auction G eneral Electric made headlines a few years ago when it announced it was relocating its corporate headquarters from Fairfield to Boston. The move was a blow to the state, mostly impacting jobs in However, 450 Columbus had been vacant for several years at the time, significantly pushing up downtown Hartford's vacancy rate, which was detrimental to the overall market. "If the state didn't buy the Columbus Boulevard office building, most likely that building would be empty today and you'd have a city with a vacancy rate of 35%," said Mark Duclos, president of Hartford- based brokerage Sentry Commercial. Larry Levere, Duclos' director of office brokerage, agreed. Both properties would be relatively difficult to lease, he said, were they not filled with state workers today. "Those two buildings the state bought are on the outskirts of downtown and not as attractive as buildings in the center of the city," Levere said. "I think you would have an extremely tough time leasing them." Hartford Mayor Luke Bronin, who is a CRDA board member, said during the quasi-public agency's most recent board meeting that he hopes the state conveys the Trinity Street properties to CRDA with an allowance for maintenance costs, which he said would be the most agile route to redevelopment. Fairfield County, where GE has the majority of its Connecticut operations. But the company also has a lesser-known presence in Greater Hartford. Its energy technology business GE Power occupies the majority of space in a 142,831-square-foot corporate office building in Windsor, at 200 Great Pond Drive. Why does it matter? Well, the three-story property is scheduled to be auctioned off April 5-7, through online auction firm Ten-X. The current owner is Massachusetts real estate developer and investor Equity Industrial Partners (EID), which has listed a starting auction bid of $6 million. EID purchased the property in 2019 for $3.4 million, town records show. The property, which was originally built in 1990, recently underwent $6.7 million in renovations that included a modern fitness center, expanded cafe and new patio/courtyard, according to an online property listing. The building is currently 90% occupied with two tenants. Global actuarial firm Milliman Inc. occupies 20,341 square feet in the property. PHOTO | CONTRIBUTED PHOTO | CONTRIBUTED On The Market A view of the Bushnell Park South area by the Capitol, where two key state properties, 18-20 and 30 Trinity St., could be offered up for redevelopment later this year.

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