GREENWICH, CT-With its sole tenant relocating in 2009, General Reinsurance Corp., the owner of 600 Steamboat Rd. here, has put the 210,000-sf office building up for sale. Staubach officials also report that in addition to selling its 600 Steamboat Rd. property, General Reinsurance is on the market for new headquarters space. The firm is studying possible sites for a headquarters location in Fairfield County and Westchester County, NY. General Reinsurance is also considering remaining at its existing location at 695 E. Main St. in Stamford.
The Staubach Co.'s New York City office is marketing the property that sits on a 4.2-acre waterfront parcel. RBS Greenwich Capital, a subsidiary of Royal Bank of Scotland, has occupied the property since 1995 but is relocating to its new $400-million, 500,000-sf headquarters building on Washington Blvd. in Stamford when its lease expires in 2009.
Brian Higgins, Chris Krause and Jay Koster of Staubach are handling the sale of 600 Steamboat Rd. as well as General Reinsurance's headquarters search. The Steamboat Rd. property, built in 1972, served as the headquarters for General Reinsurance until the early 1980s when the company relocated those operations to leased space in Stamford.
“The sale of property and General Reinsurance's search for a corporate headquarters facility is the culmination of an 18-month evaluation of the company's real estate asset base and operating facility requirements, Koster, managing principal of Staubach Capital Markets, says. “600 Steamboat Rd. has served General Reinsurance well throughout the years, both as the company's former headquarters and as a real estate investment, but General Reinsurance is now focused on consolidating those holdings into one long-term headquarters facility that satisfies the company's operating objectives.”
General Reinsurance is currently considering several build-to-suit and existing build-out options in Westchester and Fairfield counties, Koster says. The firm, which currently leases between 250,000 sf and 300,000 sf at 695 East Main St., has a similar space requirement in its current headquarters office search. General Re's lease at its East Main St. property expires in 2010.
Staubach officials say that initial market discussions concerning the Steamboat Rd. property indicate there should be strong demand from private equity and hedge fund firms, which is no surprise since Greenwich has been a haven for companies in those segments of the financial services sector.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
