Amid office market slump, 3 tenants renew leases at 100 Pearl St. tower in downtown Hartford
New York-based Shelbourne Global Solutions, the largest commercial landlord in downtown Hartford, announced Monday that three tenants in its 100 Pearl St. office tower have renewed their leases to stay in the city.
Coworking facilities operator Regus has agreed to renew the seven-year lease of its 15,000 square foot offices.
Middletown-based Liberty Bank expanded and expanded its occupancy by more than doubling its size to 6,690 square feet, Shelbourne said.
Law firm Brown Paindiris & Scott moved and expanded into the building to occupy 4,572 square feet, Shelbourne said.
100 Pearl Street is a 281,000 square foot office building that Shelbourne bought in 2015 for $36.9 million.
The 17-story Class A office tower is anchored by Hartford HealthCare, which is moving its headquarters into the building and currently occupies 110,000 square feet.
Hartford HealthCare currently has 300 employees in the building, with another 200 expected to move in October, according to Shelbourne.
The lease renewals come at a time when the Hartford office market is facing significant uncertainty and headwinds resulting from the pandemic. The downtown Class A office vacancy rate was 21.7% at the end of the fourth quarter, according to brokerage firm CBRE, a number that is expected to rise in the months and year ahead as as leases expire and more companies choose to shrink their office footprints as they move to permanent hybrid working arrangements.
It was not immediately clear what the overall occupancy rate at 100 Pearl St. was following the new leases.
In addition to 100 Pearl St., Shelbourne owns the Stilts Building (350 Church St.), the Metro Center (20 Church St.), and the Gold Building, among other Hartford assets.
The brokerage firm Avison Young represented Shelbourne in the lease agreements for 100 Pearl St..