Building and Land Technology Acquires 372 KSF Office Park in Westport, Conn., for $130M
- Jul 02, 2014
Building and Land Technology has acquired Nyala Farms Corporate Center, a 372,207-square-foot office park on 53 acres in Westport, Conn., for $130 million.
The transaction is the largest real estate deal in the state this year and one of the top ever in Westport.
“With our acquisition of Nyala Farms, BLT will offer yet another stellar asset to the Southern Connecticut office markets,” Carl Kuehner, BLT’s CEO, said in a company statement. “Nyala Farms is a true gem in a lushly landscaped setting, providing an outstanding location that is easily accessible from residential areas in the Town of Westport and nearby communities.
Located at 60 Nyala Farms Road, the Class A property is located near the Sherwood Island Connector and has several prominent corporate tenants, including Terex, Morgan Stanley, RBC and the hedge fund Bridgewater Associates.
Earlier this week, Bridgewater Associated announced the hedge fund was reconsidering a state-brokered deal to move most of its local operations to Stamford, despite $115 million in tax breaks and incentives. It is not known if the decision was a result of BLT’s acquisition.
With the deal, BLT’s portfolio of office properties in the state increased to more than 5 million square feet. The company developed Harbor Point, the transformative master-planned development in Stamford, which includes a full mile of waterfront, public parks, abundant restaurants and retail stories, more than 4,000 residential units and several million square feet of commercial development; plus BLT recently announced a new 430,000-square-foot, 20-year lease with Starwood Hotels & Resorts Worldwide at Harbor Point.
“We’re pleased to expand our portfolio into Westport, which is home to a number of Connecticut’s leading businesses,” Kuehner said. “BLT is a Connecticut company, and the opportunity to acquire another market-leading property here is especially exciting for us.”
According to the Westport News, as a result of the property transaction, the town received $325,000 in fees, and the state received $1.6 million.