Hartford Steam Boiler says it’s staying in Hartford and buying One State Street, the 24-story downtown office tower overlooking the Connecticut River that houses its corporate headquarters.
The U.S. commercial insurance division of German insurer Munich Re announced Tuesday its agreement with owner Hines to pay an unspecified sum for the pink-hued skyscraper. Closing is set for later this month.
“HSB is committed to Hartford and proud to call this city home,” HSB President and CEO Greg Barats said in a statement. “This investment in our future lowers our operating costs and gives us the flexibility to design a high-energy work environment that inspires creativity and new solutions for clients,”
Hines has owned and operated the building since it opened in 1983, and will continue to manage the property, officials said. The transaction is expected to close in late January 2014. The terms of the agreement were not disclosed.
One State Street is also home to Hartford HealthCare’s corporate headquarters.
