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Amid office market struggles, downtown Hartford s Stilts Building faces foreclosure

One of the major Class A downtown Hartford office towers owned by landlord Shelbourne Global Solutions is facing foreclosure, reflecting the struggles of the city’s office market coming out of the pandemic. Wells Fargo Bank in June filed a foreclosure action in Hartford Superior Court against an affiliate of Shelbourne alleging the Brooklyn, New York landlord has failed to make payments since February on a $31 million mortgage for the 420,000-square-foot-property at 20 Church St., better known as the Stilts Building.

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Iconic, Stilts Building in downtown Hartford faces foreclosure in fallout from pandemic – Hartford Courant

The foreclosure, which is in the earliest stages and could still be averted, is an early sign of a shake-out that may come to the city’s downtown office market in the fallout from COVID-19.

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Loan woes flare for four east suburban office buildings

A due date looms for a $40 million loan on the trio of three-story Landerbrook Corporate Circle buildings in Mayfield Heights and the seven-story Metropolitan Plaza structure in Higland Hills owned by the Shelbourne real estate company based in Brooklyn, New York. The lender has assigned the loan to special servicing, where distressed loans go for initial workout efforts.

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Prominent downtown Hartford corner to get upgrades, inviting people to stop, not just cross through, as part of larger $24M renovation

Prominent downtown Hartford corner to get upgrades, inviting people to stop, not just cross through, as part of larger $24M renovation
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As pandemic restrictions lift, don t expect Hartford employees to surge back to offices

At State House Square, one of downtown Hartford’s major Class A office properties, David Jakubowski keeps a close eye on parking garage traffic reports, eager to see concrete signs of greater employee activity as COVID-19 vaccination rates rise. However, Jakubowski, who manages the three-building property on behalf of its owners, has observed only a slight increase over the past few months. Inside, there’s still just a sliver of normal employee activity levels. “We were hoping at this point we might have 25% of the normal population back to work,” Jakubowski said. “I see a few more people I haven’t seen in the last year, maybe one or two days a week.”

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