Real estate firm Hines has sold One State Street, a 24-storey office building in Hartford, to The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re.
HSB is the major tenant and has its corporate headquarters in the landmark building overlooking the Connecticut River.
Financials on the deal have not been disclosed.
The 500,000-square-foot office building was designed by Skidmore, Owings & Merrill. Hines, which developed, owned and has managed the building since its completion in 1983, has been retained by HSB to continue on as property manager.
"We are pleased to have secured HSB's long-term commitment through the ownership of this wonderful building that we developed jointly with them as their headquarters more than three decades ago," says Hines senior managing director David Perry. "We are thrilled that HSB has chosen Hines to continue as property manager."
"Hines has been a great partner through the years and we are delighted to continue our relationship," says Greg Barats, president and chief executive officer of HSB. "One State Street is a 'best in class' office building; the property's location, quality and status are an ideal fit for our company and our tenants."