One look at the gigantic sign on the building informs everyone that it’s now called “The Plaza.”
Bill Carroll, business development director for the city of New Britain, points out that the city’s “signature building” has always been the seven-story ACMAT Building on Main and West Main. Formerly, it was called “One ACMAT Plaza.”
However, ACMAT, a contracting firm known for asbestos abatement, has built a 12,000-square-foot headquarters building in Farmington. H.J. Development Group of New York purchased the building from ACMAT for $2.8 million in February. The new owners have made major improvements, repainting much of the property, installing a new HVAC system, and brand new black granite surrounding the building. H.J. has also done a significant amount of landscaping around the facility. The new owners want to improve the exterior and erect a canopy for coverage when walking to and from the garage. Reno Properties Group LLC of Newington, exclusive broker for The Plaza, has made it its goal to market the building as The Plaza. In fact, broker Michael Gallon has suggested that the building could be an ideal medical center for the Hospital of Central Connecticut.
Carroll describes The Plaza as “a large, downtown footprint with a brand new face lift.”
“When the building was owned by ACMAT it was never marketed,” Carroll says. “So, a new name is important.”
The new owners want to lease floors 4, 6 and 7. Worker’s Comp, Social Security and the Bank of America remain as tenants. The asking rental price is $17 per square foot and it’s negotiable.
“It’s just a matter of time before we start getting offers,” says Carroll
Ian Fishkin, attorney for H.J. Development Group of New York city, says The Plaza is his company’s only building outside Manhattan. Noted for its first-class restoration and conversion of loft buildings, H.J. Development creates high-quality residences and commercial properties. In Manhattan, H.J. converted the architecturally significant Cass Gilbert Building on West 30th Street, The Heywood Building on Ninth Avenue and The Parkwood on East 38th Street into sought-after luxury condominiums.
“We’re pleased with the progress here,” says Fishkin. “Through no fault of their own, ACMAT was never a landlord. So, many brokers haven’t really seen this property.”
Fishkin says the name The Plaza needs to be re-branded.
“We’re putting money into the property because we believe in it,” he says. “Once prospective tenants see the building we think it will move fast.”
Fishkin stresses the many benefits; i.e., it is a Class A property, New Britain’s signature commercial property. There are views from all seven floors. CTfastrak is coming in. The parking garage will be bridged to the building.
“Every week when I come to New Britain, I see progress,” Fishkin says. “I envision a return to the city’s former glory. With the (new) police station, the Streetscape, and with the mayor and Bill Carroll committed to its success, plus our 30 years of commercial experience, we won’t stop until the building is 100 percent leased.”
Scott Whipple can be reached at (860) 225-4601, ext. 319, or swhipple@centralctcommunications.com