The CityPlace I office tower in Hartford has sold for $113.25 million, or approximately $130 per square foot. The buyer, Paradigm Properties, purchased the property at a reported cap rate of 7.20%. The building was 98.7% leased as of the second quarter of 2015. The sale was part of an effort by the seller to dispose of up to $3 billion in real estate assets. With the closing of the CityPlace I sale, the seller has disposed of $1.7 billion of real estate assets in 2015.
CityPlace I is the tallest office building in Hartford, towering 38 stories. In total, the building contains 868,000 square feet of space, and was built in 1980. The property is known as the UnitedHealthcare Center, and is situated on 1.14 acres of land in the center of downtown Hartford. The building offers amenities such as retail business services on the street level and the concourse. There is also a 310 car parking garage located beneath the building.