Former Travelers Center at Constitution Plaza In Foreclosure [The Hartford Courant, Conn.]

Dec. 23--The five-story office building on Constitution Plaza in downtown Hartford that once housed the Travelers Education Center is in foreclosure.

The 132,000-square-foot building at 200 Constitution Plaza near the clock tower has been empty for about a year, but was covered by a master lease that guaranteed rent payments until the lease expired a few months ago, industry sources said.

GE Asset Management has filed a notice beginning foreclosure against owner U.S. Bank, National Association, the trustee of the Walters Connecticut Venture Trust, according to city records. GE is seeking to take over control of the property.

GE declined to comment Thursday. The trust couldn't be reached.

The building at 200 Constitution Plaza is the latest high-profile office tower in the city's central business district to get mired in foreclosure trouble. Two others -- CityPlace II and Goodwin Square -- appear to be in the final stages of foreclosure, both owned by Northland Investment Corp. Northland last year lost Metro Center One, also in downtown.

The Hartford office of Cushman & Wakefield has been marketing the building for lease. The commercial real estate services firm declined to comment Thursday.

Constitution Plaza has made strides in recent years to reverse vacancies. Capital Properties, which owns the majority of the plaza, has seen office occupancy of 80 percent or better across the four properties it owns: One and 100 Constitution Plaza, both high-rise towers; 250-260 Constitution Plaza and 10 Constitution Plaza.

Churrascaria Braza, a Brazilian restaurant in Hartford'sWest End, has signed a lease for the space at 10 Constitution Plaza, formerly occupied by Spris. "Braza on the Plaza" has yet to open.

The new owners of the old Clarion on the plaza are planning to convert the former hotel into as many as 200 apartments, mostly studios and one-bedroom units. Developer Girona Ventures and Wonder Works Construction and Development Corp. are working out financing, city officials say, including seeking mortgage insurance from the federal Department of Housing and Urban Development.

And there is still an empty hole where the once-celebrated Broadcast House once stood before its demolition in 2009. Plans for a new tower in its place by developer Abul Islam have, so far, not materialized in a downtown that has battled high vacancy.

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