Shelbourne continues downtown buying spree with $3.9M parking lot takeover

FOR SALE/LEASE – 118 Acre Industrial Site
September 30, 2019
Goman+York Property Advisors arranges a 4,000 SF lease for West Hartford Coworking at 430 New Park Avenue and achieves 100% occupancy on behalf of its owner GHAR
October 3, 2019
Show all

Shelbourne continues downtown buying spree with $3.9M parking lot takeover

HBJ PHOTO | JOE COOPER Shelbourne Global Solutions LLC has purchased a 295-space parking lot at 180 Allyn St. in downtown Hartford.

As seen in the Hartford Business Journal. By Joe Cooper.

Shelbourne Global Solutions LLC, one of downtown Hartford’s most prominent landlords, says it’s acquired a 295-space surface parking lot in the heart of the city’s business district.

The New York-based landlord on Wednesday announced it purchased the parking lot at 180 Allyn St., covering a block abutting Allyn, Ann Uccello, Church and High streets, from Tishman Realty & Construction Co. 

The purchase price was $3.9 million, city records show.

Ben Schlossberg, managing member of Shelbourne, said the company’s investment is meant to support the parking needs of its residential and office tenants downtown. Shelbourne in a news release also touted the lot’s proximity to downtown’s XL Center, Dunkin’ Donuts Park and Union Station.

“We also believe that Hartford is on the tipping point of a resurgence and as a major stakeholder in its revitalization, we felt the site had tremendous future development potential,” Schlossberg said.

The deal comes months after Shelbourne’s joint $70.5 million purchase of downtown’s iconic Gold Building with parking giant LAZ Parking, and other acquisitions of office and apartment space on Pratt and Trumbull streets.

Shelbourne, which has spent over $200 million buying and refurbishing downtown commercial buildings, controlling more than 1.6 million square feet of office and retail space, recently teamed with LAZ and Lexington Partners LLC in proposing a $100 million plan to redevelop the underutilized Pratt Street corridor.

Shelbourne is also slated to begin an interior facelift of downtown’s 100 Pearl office tower with a golf-themed lobby including a virtual golf-simulator and putting green, among other improvements.

“Shelbourne is doing more than buying properties in downtown Hartford,” said Tom York, a principal of Goman + York Property Advisors, which brokered the deal. “It is remaking Hartford’s central business district into a vibrant, dynamic urban hub where people come to work, live and play.”