April 12, 2019
Deal Watch Today

For $2.8M, GreatBlue, ZAG buy Glastonbury HQ

Photo | LoopNet.com
Photo | LoopNet.com
A 30,000-square-foot office building at 20 Western Blvd. in Glastonbury has been sold for $2.8 million.

Two Greater Hartford digital-marketing and marketing data-research firms teamed up to pay $2.8 million for a Glastonbury office building to serve as their joint headquarters.

Michael Vigeant, CEO of GreatBlue Research Inc., formerly of Cromwell, said Friday that he and two high-school pals, principals in ZAG Interactive, a Glastonbury website designer/developer, partnered to buy 20 Western Blvd., a two-story, 30,000-square-foot office building on 4.4 acres, from seller American Eagle Financial Credit Union.

Webster Bank financed a mortgage for the transaction.

The sale of the 38-year-old property closed March 22, Vigeant said. A week later, GreatBlue's some 50 staffers, furnishings and equipment had been relocated to 8,000 square feet on the first floor of its new home from leased Cromwell space at 162 West St.

ZAG, meanwhile, is expected to relocate its staff and equipment from nearby 148 Eastern Blvd. and occupy all 15,000 square feet on the top floor by this fall, Vigeant said.

The remainder of 20 Western's leasable area, totaling about 4,500 square feet, is available to tenants, at least one of whom is close to signing to occupy a portion, he said.

Vigeant said he and ZAG's two founders, all of whom graduated from Manchester High School in the early 1990s, were faced with expiring office leases. Talk between them about options persuaded them their best course was to team up and buy a building, he said.

Pooling their resources "really lowered the risk to buy," he said, noting that the new owners structured their purchase so as not to have to rely on filling the rest of the building's leasable space to make it financially viable.

He noted that both GreatBlue and ZAG list American Eagle as a client.

Last November, American Eagle sold its former headquarters building at 417 Main St., across the street from Pratt & Whitney Co. in East Hartford, to expanding Goodwin College. The credit union has since consolidated its corporate operations to 333 E. River Drive, occupying about 75 percent of the 100,000-square-foot East Hartford office building acquired at auction in July 2017, said CEO Dean Marchessault.

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