Prominent office complex across from downtown Hartford’s XL Center for sale with potential for conversion to apartments

A commercial complex at the pivotal corner of Trumbull and Pratt streets in the heart of downtown Hartford — including almost all of the storefront space along the north side of Pratt — is being put up for sale, with vacant office space on upper floors being marketed as prime for conversion to apartments.

The complex at 242 Trumbull St. is being sold by Newton, Mass.-based Northland without an asking price. City records show Northland, once the city’s largest commercial landlord, bought the property for $11.7 million in 2003.

The addition of apartments would complement what is now underway on the upper floors along the south side of Pratt headed by Shelbourne Global Solutions LLC and its partners. The partners also are reviving storefront spaces, partly with the help of the city’s $6 million Hart Lift storefront revitalization program.

The idea is to make Pratt Street both a hip place to live and a destination to visit.

Pratt, which runs between Main and Trumbull streets, is viewed as a critical “walkable” connection among the North Crossing development around Dunkin’ Donuts Park, the XL Center, new apartments on Allyn Street and Union Station. But vibrancy has eluded Pratt Street for decades, despite the charm of its brick-paved street and sidewalks and late 19th- and early 20th-century structures, many of them architecturally ornate.

The decision to sell the 304,000-square-foot 242 Trumbull comes less than a month after Northland listed for sale another downtown property it has long owned: 100 Allyn St., the historic Crosthwaite Building.

In a statement, Northland said Tuesday: “Northland has been an active investor, operator, and developer in Hartford for more than 20 years. At this time, we have decided to sell our commercial properties located at 242 Trumbull Street and 100 Allyn Street as we focus on our core business of owning, operating, and developing multifamily and mixed-used assets. We remain committed to the City of Hartford and continue to invest in Hartford 21.”

In addition to the Hartford 21 complex, which surrounds the XL Center and is across the street from 242 Trumbull, Northland also owns the vacant, former YMCA building in a prominent location across from Bushnell Park. The YMCA site is seen as ripe for redevelopment, also ideally for housing.

At 242 Trumbull, which has anchored the corner with Pratt since 1926, there are 8 stories of office space that face Trumbull. There are 15 storefronts and those along Pratt are interconnected with differing architectural styles with a 6-story office annex above the Pratt storefronts.

According to an online offering circular from the Hartford office of CBRE, the commercial real estate firm that has the listing, floors 3-8 of office space are largely vacant.

For years, many of storefronts along Pratt on the Northland side of the street had remained vacant. But in the last year, Northland had stepped up leasing, a move that also has been boosted by the city’s Hart Lift program, funded by coronavirus relief funds.

Also according to the online offering circular from the Hartford office of CBRE, the vacant office space above storefronts on Trumbull and Pratt streets could be converted to up to 217 apartments.

In the past decade, nearly 1,600 rentals have been added in and around the downtown area, with the help of state taxpayer-backed loans and equity investments through the Capital Region Development Authority. Another 532 are now in construction and 620 have been approved, awaiting the closing of financing. If all are built, the total would come to nearly 2,800.

The push for more apartments — and people living downtown — was to bring more 24/7 vibrancy to downtown where most of the activity was concentrated during the work week.

COVID-19 showed painfully how much downtown — its restaurants and other businesses — was still dependent —despite the addition of rentals — on the large employers, as many workers went remote through the thick of the pandemic.

With the pandemic making permanent hybrid work arrangements — part in the office, part at home — there is less demand for office space.

City and state officials see residential redevelopment downtown as even more critical now to boosting vibrancy, with fewer workers coming into the city five days a week.

And entertainment options — such as the restaurants, bars and shops along Pratt — as crucial to attracting visitors from outside the city, replacing workers that may only be in the city a few days a week.

Contact Kenneth R. Gosselin at kgosselin@courant.com.