LAZ Investments, along with Greenwich Realty Partners and Olymbec, has acquired the Stilts Building in downtown Hartford, a 23-story office tower, effectively resolving a foreclosure case that began in 2022. The purchase includes 420,000 square feet of space, though the price has yet to be disclosed.
This acquisition is notable given the current state of Hartford’s office market, where many buildings face foreclosure and high vacancy rates. The Stilts Building’s previous owner, an affiliate of Shelbourne Global Solutions, fell behind on a $31 million mortgage, leading Wells Fargo to file a foreclosure lawsuit. A settlement was reached earlier this year to address the mortgage payments.
Under the new ownership, Shelbourne will manage the building, and plans for upgrades to amenities and tenant spaces are underway to enhance leasing opportunities. LAZ Investments, led by Alan Lazowski, is already involved in various Hartford properties and views this acquisition as a key extension of their commitment to the city.
The Stilts Building, completed in 1981, is recognized for its unique design featuring large angled support columns and has previously undergone renovations. The investment comes at a critical juncture as downtown Hartford’s office landscape is transitioning in response to shifts in work patterns post-pandemic.
