July 26, 2018
Deal Watch Today

UTC campus building sold at $20.4M

PHOTO | Contributed
PHOTO | Contributed
A three-story office building at 8 Farm Springs Road in Farmington has sold for $20.4 million.

The Farmington office building leased for United Technologies Corp.'s leadership center on its headquarters campus sold recently for $20.4 million, brokers and land records say.

Long Island-based Paradime Capital acquired 8 Farm Springs Road, a three-story office building containing 107,354 square feet, from seller GTJ REIT Inc., of Lynbrook, N.Y., exclusive broker Cushman & Wakefield Inc. said Thursday.

Cushman did not disclose the sale price. However, land records in the Farmington town clerk's office confirm $20.35 million changed hands as part of the July 18 transaction.

8 Farm Springs is one of six corporate office buildings on the UTC campus; UTC owns four; and leases space in the other two. UTC said at the time that it planned to invest millions for improvements to the building during its unspecified lease term.

The Farm Springs campus is home to about 1,400 UTC workers, including those employed at Otis Elevator, Carrier Corp. and UTC Fire & Security.

UTC leased 8 Farm Springs in June 2012, to house its then-new UTC Leadership Center in the building. UTC is the building's sole tenant.

Cushman said its brokerage and investment teams in Connecticut and New Jersey coordinated the transaction.

8 Farm Springs Road is situated within the Farm Springs office campus, a six-building corporate office park totaling 585,000 square feet located nine miles west of downtown Hartford. The park is fully occupied by UTC and its subsidiaries. UTC has its global headquarters at Farm Springs and owns 58 percent of the office park's total square footage.

The corporate park, which also hosts the 374-room Hartford Marriott – Farmington, is located directly off I-84 Exit 37, and provides quick access to Route 9, I-91, and Bradley International Airport.

"The Farm Springs campus' desirability is evidenced by United Technologies' significant investment, owning four buildings and leasing the remaining two. The Campus is home to UTC's global headquarters and approximately 1,400 employees," said Merin.

Separately, the Cushman & Wakefield team is offering a 100 percent leasehold interest in the Campus at Green Hill, a two-story LEED Certified corporate campus in Wallingford, Connecticut, with 288,795 rentable square feet. The Campus at Green Hill is located on approximately 104 acres on Connecticut's I-91 corridor, just outside of busy New Haven.

The property is currently 75 percent leased by three well-known tenants: Anthem Blue Cross and Blue Shield, Burns & McDonnell, and Liberty Mutual. The Campus at Green Hill is application-ready to build more than 440,000 square feet of additional office space, including 118,000 square feet with frontage on I-91.

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