Firm Retained as Property Manager
(HARTFORD, CONN.) – Hines, the international real estate firm, announced today the sale of One State Street, a 24-story 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 were not 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,” said 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," said 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."
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). www.hsb.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.
With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.
One State Street