HARTFORD, CT-Specialty insurer Hartford Steam Boiler Inspection and Insurance Co., a unit of Munich Re, has signed a purchase agrement with Hines to buy its headquarters building at One State St. here. Terms were not disclosed; the acquisition is expected to close late this month.
Hines has owned and operated the 24-story office tower since its coompletion in 1983, and will continue to manage it. HSB, which was acquired by Munich Re in 2009, has been the tower's principal tenant since it opened.
"HSB is committed to Hartford and proud to call this city home," says Greg Barats, HSB's president and CEO. “This investment in our future lowers our operating costs and gives us the flexibility to design a high-energy work environment that inspires creativity and new solutions for clients.”
The Hartford Courant reported that HSB occupies 168,000 square feetof the property's total of 470,000 square feet. Four-hundred-and-thirty of its 445 Connecticut employees are located in Hartford, where it was founded in 1866.
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