A Massachusetts real estate firm is expected to pay more than $100 million for one of Hartford’s most sought-after properties – CityPlace I.

Although the property is not yet under contract, several sources spoken with for this article said they expect CommonWealth REIT, based in Newton to be chosen as the winning bidder for the property.

The 38-story, 885,000-square-foot tower is 98 percent occupied and is being marketed by Jones Land LaSalle (JLL). Industry observers noted the fact that CommonWealth has bought multiple properties around the country through JLL in the last year. Most recently, the firm bought One Shell Square in New Orleans for $107 million from MetLife through JLL.

According to industry sources, CityPlace I is owned by former executives of Dean Witter Reynolds’ real estate arm, which has owned the building since it was built in 1983. The property was purchased as a tax shelter for the investors because, prior to 1986, the income produced by commercial real estate was not taxed.

The property owners had no mortgage on the building when they secured $49 million in financing in 2009 to pay property taxes and make improvements to the building, according to reports. The owners chose to sell now because of the property’s high occupancy and strong tenant list, which includes Bank of America and several established law firms. UnitedHealthcare also recently began a long-term lease in the building, which runs through 2023, after a well-publicized $35 million renovation to nearly 450,000 square feet of the property.