Voya Financial, a renowned health, wealth, and investment corporation, listed its 470,000 square foot Windsor office facility for sale last week.
It is the most recent in a string of sizable office buildings to go up for sale north of Hartford as large corporate customers reduce their footprints to accommodate changing demands and working practises.
In a statement issued on Thursday, Voya credited the decision to its adoption of a hybrid work style.
“Like many companies that have made similar shifts, we no longer need as much office space as we did. As such, we are exploring the sale of the Windsor facility with the intention to secure a multi-year lease-back arrangement for a portion of the building. We are committed to our Windsor site, and we will continue to operate from this location going forward, including having it serve as a valuable place for collaboration with our employees and clients. We look forward to continuing to be a strong corporate citizen in the Hartford area.” Christopher Breslin, Voya Spokesperson
“This is the largest corporate office to come on the northern market, it’s pretty significant. I’ve been doing this for 30 years. This is the nicest facility in central Connecticut, maybe in all of Connecticut and western Massachusetts.”Shawn P. McMahon, Managing Director, JLL
According to JLL, Voya wants to lease back 85,000 square feet of the property.
According to JLL, the property’s industrial zoning and sufficient capacity would permit additional construction of medical offices, homes, warehouses, and other commercial or industrial uses.
The decision by Voya coincides with a rapidly declining office market in the areas to the north of Hartford.
To find a new user for Voya’s expansive land, McMahon said JLL and Voya are talking with Windsor’s economic development authorities, the Metro Hartford Alliance, and AdvanceCT.
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