Capital Expenditures Planned to Improve Iconic Office Tower, Hotel and Atrium, Drawing New Tenants and Foot Traffic
WILTON, CT – June 24, 2015 — Real estate investment firm Westport Capital Partners LLC (“Westport”) announced today that an entity owned by a fund managed by Westport has acquired Goodwin Square in downtown Hartford with co-investors Brian Kohn and Steve Kohn. Goodwin Square includes the 30 story office tower and the Goodwin Hotel.
Jordan Socaransky, principal at Westport, said, “We are very pleased to acquire Goodwin Square, with its landmark office tower that defines the Hartford skyline, the historic Goodwin Hotel that once offered all the modern conveniences and is missed by many, and the Atrium, with its breathtaking spaciousness and multipurpose functionality. For too many years Goodwin Square has been under-utilized, and we plan to invest in the office tower and the atrium to bring them back to their former glory as we attract tenants and guests to these special properties.
“We view Hartford as a strong opportunity and a growing market. Significant investment and development is taking place throughout the city, including residential, mixed use with a baseball stadium anchor, and various university facilities. We look forward to playing a key role in the ongoing revitalization of the central business district where Goodwin Square is located,” Socaransky concluded.
Goodwin Square comprises almost a complete city block in Hartford’s central business district, bordered by Asylum Street, Ann Street, Pearl Street and Haynes Street. The Class A office tower, which measures 330,901 square feet and is built over an eight story, 302 car garage, is a Hartford architectural icon that was designed by Skidmore, Owings & Merrill (now SOM) and completed in 1989.
The 124 room Goodwin Hotel, which has been closed since 2009, totals 110,000 square feet and includes 24 suites, conference areas, a restaurant and bar. The hotel was constructed in 1989, beneath its historic façade, which dates back to 1881, and received a $4 million facelift in 2002. The Hotel is on the National Register of Historic Properties and was purportedly once the home of J.P. Morgan.
The office tower and Hotel are connected by a multi-story atrium that once served as an event destination and general area attraction. An adjacent land parcel, which was included in the purchase, currently provides additional parking but also offers future development opportunity.
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Wilton, CT, Los Angeles, CA and London, England. For more information regarding Westport Capital Partners LLC, please visit westportcp.wpengine.com.
Cushman & Wakefield
Building management: David Fagone
RM Bradley Management
Owen Blicksilver Public Relations, Inc.