Hartford Business Journal

21 HARTFORDBUSINESS.COM | JULY 26, 2021 Stilts Building at 20 Church St., which it bought in 2014 for $44.4 million; the blue-windowed offi ce tower at 100 Pearl St., purchased in 2015 for $36.9 million; and the Metro Center at 350 Church St., purchased in 2015 for $36.9 million Besides its dominant offi ce space holdings, Shelbourne has been branching out to other property types. For example, last year it paid $4.3 million for the former Fuller Brush Co. property in Hartford's North End at 3580 Main St., which it hopes to upgrade to a better offi ce/fl ex/ warehouse space. In June, Shelbourne and Waterbury-based Axela partnered to acquire downtown Hartford's Red Lion hotel for $22 million, and plan to spend another $8 million converting the remaining guest rooms at the recently foreclosed property into market-rate apartments. Finally, Shelbourne is also one of the partners in the ongoing mixed- use, $100 million redevelopment of Hartford's Pratt Street corridor, which will add hundreds of new or refurbished apartments. Benjamin Schlossberg B enjamin Schlossberg's New York-based real estate investment and development company Shelbourne Global Solutions has had the biggest impact on downtown Hartford's commercial real estate market over the past eight years. Schlossberg's fi rm since 2014 has bought hundreds of millions of dollars in real estate downtown — including major class A offi ce towers — becoming the center city's most dominant landlord. Its portfolio includes the iconic forward with the conversion of his now-empty 15 Lewis Street offi ce building into a boutique hotel. And in December Lazowski and Kenny acquired a 50% ownership stake in four large Class A apartment buildings in downtown Hartford, known as the Spectra apartments. They contain a combined 554 mostly market-rate units. If that wasn't enough Lazowski is also rethinking how to better utilize parking space his company, LAZ Parking, manages, leases or owns. That pivot includes opening entirely new business lines within his parking properties like parcel delivery and ghost kitchens. But the biggest project the duo is currently working on is the $100 million redevelopment of Hartford's Pratt Street corridor, which also involves a partnership with Shelbourne. Once fully complete, the partners say their ambitious redevelopment will count several hundred new or refurbished apartments; 45,058 square feet of retail on Trumbull/ Pratt/Main streets; and about 1,000 parking spaces for residents and shoppers. The project has been slowed by the pandemic, but some progress is apparent. For example, last summer 32 apartment units debuted at 196 Trumbull St., as part of an $8 million offi ce-to-residential conversion. And construction is underway on 97 apartment units at 99 Pratt St. Besides Hartford, Kenny has also built, or is building, multifamily developments in various nearby towns including Glastonbury, Windsor, Bloomfi eld and Wethersfi eld. Another major project the partners are involved in is the $70 million conversion of the Sisters of St. Joseph convent in West Hartford into a 292-unit multifamily community. Marty Kenny Benjamin Schlossberg LAZ Parking's Alan Lazowski has proposed converting his empty offi ce building at 15 Lewis St. into a boutique hotel. Shelbourne Global Solutions' Hartford realty portfolio includes 100 Pearl St., which recently landed Hartford HealthCare as its anchor tenant. Shelbourne owns the Stilts Building in Hartford, at 25 Church St. PHOTO | CONTRIBUTED PHOTOS | COSTAR Power 25 Real Estate FOCUS

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