Farmington’s Pond View Corporate Center, composed of two office buildings with 225,500 square feet of space, has been acquired by a private family office for nearly $30 million. It’s the largest office deal in Connecticut this year, CTInsider reported, citing information from CBRE.
CBRE brokered the deal between the unnamed buyer and seller Pond LLC, which is controlled by Sovereign Partners LLC.
The complex, located at 74 & 76 Batterson Park Road, boasts a 92 percent occupancy rate with diverse corporate tenants, the outlet said.
CBRE broker Jeffrey Dunne said the deal was a “strong endorsement for Farmington.”
“[The] leasing market in Farmington is one of best in the region,” Dunne said, according to the outlet.
Indeed, eight new leases for 54,000 square feet have been signed at the Pond View complex since the onset of the COVID-19 pandemic.
Built in 1988, the Pond View complex was previously sold to Sovereign Partners in 2018 for $20 million.
Under the prior owner, the complex underwent $3 million of upgrades to infrastructure and tenant amenities, including a conference room for 90 people, a Wi-Fi lounge, a grab-and-go cafe, a fitness center, and a putting green.
Farmington office owners have recently invested in amenities to attract tenants, introducing features like virtual golf simulators to lure workers back to the office and attract new tenants. In February, the office landlord at a Talcott Notch building gained approval to convert 3,300 square feet of first-floor space into a food court, with six or seven different eateries, Patch.com reported.
The efforts appear to be working. Despite some nearby Hartford suburbs experiencing lease losses, Farmington’s office market remains resilient.
In the second quarter, over 95,000 square feet of new space was added near Hartford, with vacancies including 60,000 square feet at 700 Stanley Drive in New Britain, 40,000 square feet at 1003 Farmington Ave. in West Hartford, and 30,000 square feet at 160 Bridge St. in East Windsor, CTInsider said.
The Hartford West submarket, encompassing Farmington, witnessed a 6 percent increase in office-space rent from the first to the second quarter, CTInsider said, citing CBRE data.
— Ted Glanzer