HARTFORD, Conn.--(BUSINESS WIRE)--Local business owner William H. Coons III, has announced the purchase of 25 Sigourney Street in downtown Hartford, Conn. by Spartan Towers, LLC. The 15-story, 627,401-square-foot Class A Building will be completely renovated in preparation for new business tenants.
As part of the sale, Coons III announced that an entity owned by Askar Brands Chairman and Founder Casey Askar’s Family Trust, will purchase the membership interest in Spartan Towers LLC. Askar will be named the Manager of Spartan Towers, LLC. Coons III will be issued a debenture granting him a 10% interest in Spartan Towers, LLC.
Askar owns and operates multiple franchise companies and also owns and operates a vast and diverse portfolio of real estate companies, consisting of retail, professional office and light industrial spaces across the United States. Askar recently finalized the largest acquisition of Dunkin’ franchises in South Florida, with the purchase of 47 Dunkin’ locations across southeast Florida.
In 2019, he made local headlines with the purchase of the Farmington home formerly owned by 50 Cent and Mike Tyson. Once Askar bought the home, he promised to continue to invest in the community.
“I feel deeply committed to investing in this community and today is the first step in fulfilling my original promise to do so,” said Askar. “I believe the 25 Sigourney Street building is the gateway to Parkville and holds a lot of promise for business growth for our metro area, and I’m excited to see its future tenants flourish in this space.”
Coons III, a well-known local real estate investor, was convinced this project needed the backing of a substantial investor. Coons will continue to support day-to-day operations.
"I am thrilled and excited for Hartford to have found an investor like Casey Askar. His leadership, experience, long-term investment philosophy and direction will be invaluable,” Coons III said. “Casey is the perfect person to lead this project, he has done this before in Detroit where he took a large building, similar to this, and turned it around. My team and I feel fortunate to have him lead this project and expect 25 Sigourney Street will become a great success filling a needed demand for national and local companies."
As the new owner, Spartan Towers, LLC has agreed to make at least $2.3 million in capital improvements to the office building within five years of its purchase, with a total of more than $7.5 million in investment expected to create modern and highly functional operational space for a wide variety of businesses.