The Fremont Group (“Fremont”) announced Tuesday that it has sold Riverview Square, a two-tower 325,00 SF Class A office complex, along with 155 Founders Plaza, a 50,000 SF office building on East River Drive for $50 million.

The expansive two Riverfront office buildings have been owned by the Fremont Group for more than 20 years. The sale includes two adjacent parking lots. The property was purchased by an entity named “Milton East Hartford Investments, LLC.” The Fremont Group based in West Hartford stated that the transaction is the biggest office building sale to take place in the Hartford area in the past 10 years.

The Fremont Group will stay on as property manager on behalf of Milton East Hartford Investments, LLC and be the primary contact for the building. Jonathan Keller, Founding Partner of Fremont and once the president of the old East Hartford Chamber of Commerce, expressed how pleased he was to be able to own and operate these assets in a first-class manner over the last two decades, and that he was “thrilled to be able to transfer ownership to a buyer”, who he stated, “will continue to operate them in a professional manner.”

Riverview Square was originally built in 1983 but was recently completely renovated by Fremont including the replacement of all building systems and amenities. The complex sits prominently along the Connecticut River across from Downtown Hartford with excellent visibility from I-84, I-91 and CT Route 2.
The property has a newly-renovated on-site cafeteria, a new fitness center, structured parking and 24/7/365 security.

At the time of sale, the properties are over 90 percent leased to tenants which include Bank of America, the State of CT Judicial Branch, Doosan, Amica Insurance, Stryker and Cyient.

Fremont, which originally acquired these properties in 2000, is a privately held real estate firm headquartered in West Hartford. Over its 26 year history Fremont has owned more than 5.0 million square feet of commercial real estate a majority of which is located in Central Connecticut.

Keller added that Fremont has maintained its focus on the greater Hartford market and hopes to continue to invest in this area “as opportunities continue to present themselves.”

CBRE-Hartford’s Patrick Mulready and John McCormick worked collaboratively with Cory Gubner and Alex Haendler from Newmark as Fremont’s sales advisor. CBRE has also worked on behalf of Fremont leasing the assets for more than 20 years and will continue as leasing agent for the buildings.