New London — A Milford-based commercial real estate development company has purchased a three-story office building in Shaw's Cove, off Howard Street, and hasn’t ruled out future development at the adjacent, long-vacant lot on Bank Street.

Julian Enterprises, doing business as 6 Shaw’s Cove LLC, closed on the 88,000-square-foot office building with basement garage on Dec. 29 for $2.7 million, city records show.

The property is known as Shaw’s Cove 6 and was mired in foreclosure litigation for years.

The new owners have also exercised their right to buy a 31,700-square-foot, city-owned parking lot on "Parcel J" at the corner of Bank and Howard streets, which was being leased by the city. A purchase price has not yet been negotiated.

Records show an $18,000 conveyance tax to the city with the purchase.

The office building houses employees of Electric Boat on the third floor and tenants that include the state Department of Labor on the first floor. The second floor is vacant.

Jason Julian, who with his brother, Andrew, is one of the two principals of Julian Enterprises, said the building was purchased through a competitive-bid process.

He said he is already in discussion with possible tenants to occupy the second floor, and that once that is settled he may look at the opportunities for the adjacent Parcel J. He said he plans improvements to both the building and surrounding land.

“The building is well positioned in the marketplace,” Julian said. “We plan to schedule a meeting with the city to discuss what their thoughts on the corner parcel. It may be of interest.”

He said New London in general is attractive in part because of its transportation hub.

The Julians' history in the city includes the development and construction of both the Walgreens pharmacy and Dime Bank, both on Bank Street near the recent purchase.

Shaw’s Cove 6 was previously owned by Signature Properties LLC, which shared an address with Julian Companies of West Haven, whose principals are related to Jason Julian.

Records show the building went into court-ordered receivership in 2007 with foreclosure coming in 2013. The court-appointed receiver was New London-based Northeast Property Group, which had managed the property until its sale last month.

The city's economic development coordinator, Ned Hammond, said the sale is an encouraging sign of forthcoming improvements and renewed effort to fill the space with more workers.

“I think the Julians will put a strong effort into trying to do that,” Hammond said. “More employees and businesses strengthen support for any future development at Parcel J.”

Hammond said the 31,700-square-foot parking lot occupies .73 acres of the 3.23-acre Parcel J, leaving about 2.5 acres for future development there.

g.smith@theday.com

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