A two-building, roughly 196,000-square-foot office complex in Glastonbury’s upscale Somerset Square mixed-use district sold for $27.75 million in December, marking the highest-priced office sale in central Connecticut in 2025, according to the brokerage firm involved in the deal.
CBRE, which marketed the properties at 180 and 200 Glastonbury Blvd. and procured the buyer, announced the sale Tuesday morning.
The seller, Maryland-based SCT Glastonbury LLC, had paid $30.3 million for the property in 2019, prior to the COVID-era shift toward remote work that weighed heavily on office markets nationwide.
The buyer, Unified Holdings of Glastonbury LLC, lists a White Plains address and Mark Graham as its principal.
The Glastonbury Boulevard office submarket has remained resilient, with a vacancy rate of about 5% and rents ranging from $26 to $30 per square foot, according to John McCormick, executive vice president with CBRE. It is the second-strongest office market in the Greater Hartford area, trailing only West Hartford Center, he said.
McCormick said the Glastonbury property was marketed for about seven months and drew strong interest due to its tenant mix and lease structure.
“When there is a trophy asset available in the market that has long-term tenancy, strong credit tenants and a long-weighted average lease term, you are going to get a lot of interest,” McCormick said.
McCormick and Anna Kocsondy of CBRE’s Hartford office worked on the deal in collaboration with Jeffrey Dunne and Steve Bardsley from CBRE’s Stamford office.
The 11.9-acre property includes two office buildings, according to assessing records: an 81,042-square-foot, three-story building completed in 1989 and a 115,475-square-foot, four-story building completed in 2002. Both feature brick and stucco-on-masonry exteriors with metal roofs.
At the time of sale, the complex was 95% leased and anchored by corporate tenants including Wells Fargo, Mahoney Sabol, CNA Insurance, Benesch Engineering, Merrill Lynch and RBC Capital Markets, according to CBRE. In total, the property hosts 38 tenants occupying office suites ranging from 1,500 square feet to 10,000 square feet.
The breadth of tenants and suite sizes provide stable cash flow, McCormick said, noting that the departure of any single tenant would not significantly disrupt revenue and that vacancies are typically filled quickly.
“This is probably the highest-quality trophy multi-tenant office to sell since Riverview Square in East Hartford,” McCormick said.
Records show Graham was part of the investment group that paid $50 million in 2022 for three office buildings and three parking lots in East Hartford’s Founders Plaza office park, including the two-tower, 325,000-square-foot Class A Riverview Square complex and the 50,000-square-foot office building at 155 Founders Plaza.
CBRE was originally engaged as leasing agent and property manager for 180 and 200 Glastonbury Road in 2019 and will continue in both roles following the sale.
“Somerset Square is considered one of the highest quality corporate parks in the Greater Hartford area due to its walkability to high-end retailers, upscale dining, two major hotels, and immediate access to the regional highway system,” Kocsondy said. “The walkable amenities, combined with high-quality construction and a premier office environment, make Somerset Square one of the most desirable office locations in Greater Hartford.”
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