Nationwide Insurance Leases 46,000 SF in Rocky Hill

The leased space includes two floors of a 58,000-sf "fourth-wing expansion" that New Boston Fund is currently developing at the property. Nationwide will lease the second and third floors of the new wing, totaling 39,000 sf, and an additional 7,000 sf of space at the existing 250,000-sf building, New Boston Fund officials note. The lease term on the deal is for five years.

Construction on the new wing of the building is expected to be completed by this July; Nationwide Insurance is scheduled to take occupancy shortly thereafter. The insurer has a major presence in Central Connecticut where it houses its New England state operation. The firm currently employs 215 workers in 53,000 sf of space in the Greater Hartford area. The company is expecting to add another 30 employees in the next five years.

Commenting on its lease with Nationwide Insurance, Dale Reese, VP and regional director for the New Boston Fund says, "Based on the leasing success New Boston Fund has experienced in Rocky Hill over the past year, we knew the time was right to move forward with the speculative construction project at 500 Enterprise Dr."

New Boston Fund purchased 500 Enterprise Dr. three years ago as part of a portfolio that also includes 55 and 175 Capital Blvd. and the I-91 Tech Center, all located in Rocky Hill. New Boston Fund currently owns approximately three million sf of space in the Hartford and Eastern Fairfield County markets.

Upon completion of the 58,000 sf addition to the complex, 500 Enterprise Dr. will be nearly 95% occupied when Nationwide moves into its new offices. The building is also home to operations of Cingular Wireless and Zurich Insurance.