34-58 N Main St 39,537 SF 88% Leased Office Building Waterbury, CT 06702 $6,086,916 CAD ($153.95 CAD/SF) 7.81% Cap Rate

HMX Realty Advisors is pleased to present for sale the opportunity to acquire the Neil O’Leary Building, a fully redeveloped ±35,000 SF historic landmark in the heart of downtown Waterbury, Connecticut.
Originally constructed in 1898 as the Odd Fellows Hall, the property sat vacant for more than two decades before undergoing a transformative redevelopment led by the developer in partnership with the State of Connecticut. The project included a $10 million state grant as well as private investment to gut-renovate the six-story Venetian Gothic structure, preserving its architectural heritage while converting it into a state-of-the-art higher education and research facility.
Today, the building serves as a flagship academic center for the University of Connecticut (UConn) under a 20-year lease, with five floors dedicated to Allied Health, Health Sciences, Humanities, Social Sciences, Neuroscience, and the Waterbury Robotics Institute. UCONN carries an S&P investment grade rating of AA-. The facility also features mock hospital rooms, research labs, classrooms, an auditorium, collaborative student spaces, and lounges. The ground floor is leased to Access Rehab Centers under a 10-year term, providing additional stability and diversified income.
Overlooking the Waterbury Green and adjacent to UConn’s Waterbury branch campus, the Neil O’Leary Building represents a keystone achievement in the city’s revitalization. Its redevelopment was championed by former Mayor Neil O’Leary (2011–2023), whose leadership helped rescue the property from tax foreclosure and unite public and private stakeholders behind the project. In recognition, the building has been renamed in his honor.
With a long-term institutional anchor tenant, complementary medical retail tenancy, and a prime downtown location, the Neil O’Leary Building offers investors stable cash flow, institutional credit, and lasting community significance.
In addition to UCONN and Access, a brand new fully built out 3,600 sf office suite will be included. The space is currently being occupied by the seller who will be vacating. There is also a vacant lot (apprx .30 acres) included providing additional upside. UCONN has expressed interest in leasing the lot for parking. Alternatively, it could also be developed. Call to discuss further