Hartford Steam Boiler Buying Office Tower At One State Street

Jan. 22--One State Street, the 24-story office tower in downtown Hartford, is being acquired by a company that was an original tenant in the early 1980s.

The Hartford Steam Boiler Inspection and Insurance Co., a unit of Munich Re, is acquiring the 470,000-square-foot building where the company has its corporate headquarters. The tower has been owned by Hines, the international real estate firm, since it was built in 1983.

Terms of the transaction were not disclosed Tuesday. The purchase is expected to close later this month.

While many companies are selling their buildings and leasing back space to save on operating costs, Hartford Steam Boiler's president and chief executive, Greg Barats, said Tuesday that the purchase will help the company control costs and give more options for how it uses the space.

Barats said the purchase also underscores its deep roots in Hartford, where the company has had its corporate headquarters since 1866. Munich Re bought Hartford Steam Boiler in 2009.

"HSB is committed to Hartford and proud to call this city home," Barats said.

HSB is the largest tenant at One State Street, occupying 168,000 square feet, roughly a third of the tower. HSB has 430 of its 445 Connecticut employees in downtown Hartford.

Other tenants in the building are Hartford HealthCare, UBS Financial and law firm Bingham, McCutchen.

Hines will continue to manage the building.

___

(c)2014 The Hartford Courant (Hartford, Conn.)

Visit The Hartford Courant (Hartford, Conn.) at www.courant.com

Distributed by MCT Information Services