The Hartford Steam Boiler Inspection and Insurance Co. (HSB), a specialty insurer and engineering consulting firm owned by Munich Re, signed a purchase agreement to acquire One State Street from Hines, the building's original developer, for an undisclosed price.
The 24-story downtown Hartford office building in the block bounded by State Street, Columbus Boulevard and Kinsley Street has served as HSB’s corporate headquarters since it was built in 1983.
Hines will continue to manage the 500,000-square-foot office building for HSB following the sale, expected to close later this month.
HSB traces its corporate roots in Hartford back to 1866. The company was acquired by Munich Re in 2009. In addition to HSB, major tenants in the building include Bingham McCutchen, UBS Americas, Inc., Marsh USA Inc. and Guy Carpenter & Company
"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," according to Greg Barats, president and CEO of HSB.
The engineering and technical risk insurer provides equipment breakdown insurance products and other specialty coverages, as well as related inspection services and engineering consulting.