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Class A Office Nets $200M-Plus

GREENWICH, CT-General Reinsurance Corp. is selling 600 Steamboat Rd. and leasing 310,000 sf across town for its relocation in 2010.

By Ryan Clark | Updated on July 16, 2008

GREENWICH, CT-General Reinsurance Corp. is selling 600 Steamboat Rd. to Heritage Realty Services for an estimated $200 million-plus price tag. The property was re-measured in October–when General Reinsurance placed the class A office building on the market –and estimated the size at around 200,000 sf. Jones Lang LaSalle tells GlobeSt.com that the property is being purchased “in excess of $1,000 per sf.”

The Royal Bank of Scotland currently leases the entire building, but plans to move at the end of its lease in 2009 when their new 12-story building on 600 Washington Blvd. is complete. According to JLL, Heritage Realty has said it will renovate the building and separate the space into 20,000-sf to 50,000-sf subdivisions for which it has “a handful of clients”. JLL, referring to the size of the space, explains there isn’t anyone in this market that “needs this kind of space.” The deal, brokered by Brian Higgins, Chris Krause and Jay Koster–with Jones Lang LaSalle–is anticipated to close in Q3 of this year.

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