Property Transactions

The Bureau of Assets Management (the Bureau) is responsible for fulfilling the Office of Policy and Management's (OPM) statutory and administrative obligations with regard to real property transactions (i.e. sales, acquisitions, leases, etc.). 

Property Sales

When the State divests itself of property it no longer requires, the sale/transfer documents must be approved by the OPM prior to final execution. 

Within OPM the Bureau is responsible for analyzing all such documents to ensure that that the State does not divest itself of a property which could be utilized by another agency, that the terms of the proposed sale/transfer are in the best interests of the State of Connecticut, that the sales price is consistent with the property's appraised value, etc.

Property Acquisitions

Where required by statute, the Bureau is responsible for analyzing proposed acquisitions of real property by Connecticut state agencies. 

The Bureau is charged with analyzing all property acquisitions on behalf of OPM to ensure that the cost of the acquisition is consistent with its appraised value, that there is no existing State owned space which could be used in place of the proposed acquisition, etc.

Leasing of Property To Meet State Realty Needs

Whenever the State is required to lease space to meet its facility needs, the Bureau is responsible for analyzing each lease request submitted to OPM in order to determine its compliance with the State Facility Plan as well as comparing the request against the State's building inventory system and the inventory of surplus property to determine if the needs outlined in the lease request could be satisfied through the utilization of existing state owned space.

Leasing of State Transportation Properties To Non-State Entities

Under C.G.S. 13a-80 and C.G.S. 13b-42(b) the Bureau, on behalf of OPM, is responsible for analyzing and approving all proposals to allow non-state entities to make use of property owned by the Connecticut Department of Transportation (DOT). 

These leases proposals are reviewed to ensure that the terms of the lease are in the best interest of the State of Connecticut, that the space being leased could not be used by another State agency, etc.

Surplus Property - CGS 13a-80

The Bureau is responsible for reviewing each property which is surplused by the Connecticut DOT under CGS 13a-80 to determine if an appropriate state reuse exists for these properties or if the property can be divested from State ownership.

Surplus Property - CGS 4b-21

The Bureau is responsible for fulfilling OPM's responsibilities under CGS 4b-21 as they relate to Connecticut's surplus property disposition process. 

For additional information about the State's surplus property process, please see our Surplus State Property page.

Other Property Transactions

The Bureau is also responsible for analyzing and approving other property transactions such as:

• Inter-agency "Memorandums of Understanding" related to real property issues;

• Requests to allow the Department of Public Works to supervise property in accordance with C.G.S. 4b-1(b);

• Breaks in non-access lines

• Granting of easements

• Exchange of easements

• Deed changes/corrections

• Exchanges of lands

• Lease amendments

• Option agreements

• License agreements

• Release of deed restrictions

• Release of access rights

• Granting temporary access rights, etc.