NEW HAVEN, CONN. — A joint venture between an investment fund controlled by Jonathan Rose Cos. and an affiliate of The Hurley Group has acquired an approximately 130,000-square-foot office complex, located at 45-55 Church St. in New Haven, for $8 million. Situated on 1.29 acres, the complex comprises an eight-story, 105,522-square-foot office building located at 55 Church St.; a three-story, 24,126-square-foot, Greek revival-style bank building located at 45 Church St.; and an adjacent 76-space parking garage. The office tower, which was built in 1972 and renovated in 1999, is currently 71 percent occupied by 13 tenants; the vacant bank building, which was built in 1907, was most recently occupied by Wachovia Bank. Steven Inglese and Rob Montesi of The New Haven Group represented both parties in the transaction. The seller was ECP Church LLC. The buying entities were Rose Smart Growth Investment Fund I LP, Jonathan Rose’s fund, and 45-55 Church Street LLC, Hurley’s affiliate. The joint venture plans to undertake a $3 million capital improvements and leasing program; the partnership will seek LEED – Existing Buildings and Energy Star certifications for the project.
The 45-55 Church Street office complex, located in New Haven, Conn., consists of an eight-story office building, a three-story bank building and a 76-space parking garage.
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