Glastonbury consists of two Class A office buildings in the upscale Glastonbury/Somerset Square submarket of Hartford, Connecticut. Together, the pair of buildings built in 1989 and 2002 comprise 184,871 square feet and are positioned as some of the most appealing suburban office buildings in the Hartford MSA. Both have numerous stable, long-term boutique and corporate tenants in the wealth management, insurance, FinTech and accounting sectors, with lease expirations evenly spread over the coming decade. With an average tenant size of approximately 6,700 square feet, the risks associated with tenant roll-over are significantly mitigated.
Located just minutes from Hartford’s central business district, Somerset Square offers easy access to major routes such as the I-91 highway (north/south) and I84 (east/west) and it is surrounded by premium amenities such as the adjacent premium lifestyle center, The Shops at Somerset Square, grocers and many other leading national retailers and restaurants. The Glastonbury/Somerset Square submarket is one of the most dynamic in the Hartford region, and commands the highest rental rates in the area. Moreover, within this submarket, these buildings themselves command the highest rental rates. The primary investment thesis here is to continue to improve tenancy while executing strategies that leverage the highly amenitized submarket, including activating common areas and potentially densifying the site.