The Hartford Financial Services Group continues to consolidate its Connecticut real estate holdings in an effort to cut costs, this time announcing plans to close its last office in Southington and a facility in Farmington.
The Hartford confirmed to HBJ Today that it will move an undisclosed number of employees at 400 Executive Blvd. in Southington and 8 Farm Springs Rd. in Farmington to its Hartford, Simsbury and Windsor facilities.
The Hartford has leases on both properties that are set to expire in 2012.
Company spokesman Thomas Hambrick said there will be no layoffs as part of the consolidation that will begin this year.
“We are looking to make the best use of current facilities and reduce expenses,” Hambrick said.
The Hartford has gradually been downsizing its real estate holdings in Connecticut over the last few years as its looks to cut costs. In 2009, the company announced the closing of its two other Southington offices on Executive Boulevard, exiting 225,000 square feet of space and moving 1,100 employees to its offices in Hartford, Simsbury and Farmington.
Officials from The Hartford would not disclose how many employees will be affected by the upcoming move out of Southington, but it’s likely over 500 people and 100,000 square feet of space, sources said.
It will also mean the company no longer has a presence in Southington.
The Southington lease is due to expire in 2012, and the move will begin in early 2012, Hambrick said.
The Hartford’s Farmington office at 8 Farm Springs Rd., consists of about 107,000 square feet of space, sources said. That property was sold in 2008 for $23.3 million as a single-tenant, two-story office building.
Hambrick said the company’s lease in Farmington runs out in 2012, and the move will be completed by the end of this year.
Hambrick said a variety of businesses operate out of both facilities, but he would not disclose which ones.
