WESTPORT, CT—In the largest sales transaction this year in Connecticut and reportedly the largest in Westport's history, Building and Land Technology has acquired the Nyala Farms Corporate Center for $130 million.

The deal comes a few days after Nyala Farms tenant Bridgewater Associates backed out of a state-brokered deal to relocate to Building and Land Technology's Harbor Point development in Stamford. The hedge fund, which operates its trading floor at its offices in Westport, spurned approximately $115 million in state incentives that were tied to the Stamford move. The plan to build a new headquarters for Bridgewater was met with stiff local opposition.

On Friday, in a prepared company statement, Bridgewater Associates explained why it was abandoning its move to Stamford. "After careful examination and reflection surrounding the challenges, time, energy, and resources needed to bring the proposed Stamford project to completion, we have decided not to proceed with the move," the company stated. "We are particularly thankful to Governor Malloy for doing his utmost to make this opportunity possible. We are now exploring our other options."

Nyala Farms is a 372,207-square-foot office park on 53 acres. The purchase announcement was made by Carl R. Kuehner III, CEO of BLT. Terex, Morgan Stanley and RBC are also tenants at the Nyala Farms Corporate Center. The deal brings BLT's office portfolio in the state of Connecticut to more than 5 million square feet.

“With our acquisition of Nyala Farms, BLT will offer yet another stellar asset to the Southern Connecticut office markets. Nyala Farms is a true gem in a lushly landscaped setting, providing an outstanding location that is easily accessible from residential areas in the Town of Westport and nearby communities,” Kuehner says. “We're pleased to expand our portfolio into Westport, which is home to a number of Connecticut's leading businesses. BLT is a Connecticut company, and the opportunity to acquire another market-leading property here is especially exciting for us.”