Case Studies

METRO CENTER

Hartford, Connecticut

Acquisition Date: July 1997
Square Feet: (office / parking) 651,639
Property Type: Office
Strategy: Contrarian Investment

In the spring of 1997, the consensus bottom of the local real estate cycle, Northland acquired Metro Center, an empty 293,639 square foot Class A office tower and 1,216 space parking garage. Northland acquired the property for less than 20% of its recent development cost. At the time of the purchase, the building represented one of the largest contiguous blocks of Class A office space between New York City and Boston.

Utilizing a proactive leasing strategy, Northland attracted a major tenant that brought one thousand jobs to the City of Hartford in one of the largest lease transactions in Connecticut history. Northland filled the remaining space with a strong local credit, three years ahead of projections, increasing the value of the complex by 400%.

Photo credit © Bruce T. Martin



© 2007 Northland Investment Corporation