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May 1, 2020 Deal Watch Today

Source: Sun Life moving Windsor operation to Hartford’s State House Square

HBJ File Photo State House Square in downtown Hartford.

Sun Life Financial Inc. is expected to become a major tenant at Hartford’s State House Square office tower as the insurance and financial services company looks to relocate its entire Windsor operation downtown, the Hartford Business Journal has learned.

Sun Life is close to signing a 10-year lease at 10 State House Square to occupy nearly 53,000 square feet of space recently vacated by Travelers Cos., according to a source familiar with the situation. 

The company plans to begin moving hundreds of its Windsor employees based on Addison Road to State House Square later next year, the source confirmed.

In a statement, a spokesperson for Sun Life confirmed the company is “exploring office space options” as its current lease is set to expire in late 2021. But Sun Life said it has not yet made a final decision and that its existing space in Windsor “is still an option.”

The company plans to initially occupy space on the fifth and sixth floors of 10 State House Square, the source said. It also has the option to lease additional space for another business unit if needed. Sun Life’s offices include two outdoor patios totaling 4,800 square feet, they said.

Sun Life is planning to renovate its office space before it begins occupancy in Dec. 2021. It could, however, move in earlier if renovations are completed ahead of schedule.

Photo | Lauretano Sign Group
Sun Life is looking to erect two exterior signs at State House Square.

The deal would make Sun Life the third-largest tenant at the three-tower office and retail complex located across the street from Constitution Plaza. UBS Realty Investors LLC and Travelers are the largest tenants.

Sun Life is hoping to mark its new downtown presence with tower signage on two sides of the State House Square complex. The building owner-landlords, FBE-State House Square LLC and MAC-State Square LLC, are working with Sun Life representatives to obtain a special permit from the city to erect both signs.

Photo | Lauretano Sign Group

Sun Life’s pending deal comes as State House Square is in the midst of a more than $12 million renovation aimed at upgrading the food court, elevators and lobbies. The $1.5 million overhaul of the 478-seat food court is expected to wrap up in the next eight to 10 weeks, officials say.

Built in 1987 for $250 million, the 844,000-square-foot State House Square complex houses offices for Pullman & Comley and Jackson Lewis PC. Wells Fargo, Bank of America and Greater Hartford YMCA are among the retail tenants on-site. State House Square also provides tenants access to a parking garage with 445 spaces.

Joe Cooper is HBJ’s web editor and real estate writer. He pens “The Real Deal” column about commercial real estate.

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