KS Partners, a commercial real estate owner and property management company, purchased a Rocky Hill portfolio for $65 million, or $100 a square foot, from New Boston Fund Inc. The portfolio consists of eight buildings, 649,790 square feet in total. The buildings are located in two complexes, I-91 Tech Center and Corporate Ridge. Three of the buildings are Class A office, 500 Enterprise, 55 Capital Boulevard, and 175 Capital Boulevard; the remaining five at I-91 Tech Center are office and flex. This is the largest suburban portfolio sale in Central Connecticut since 2000. KS partners purchased the property in a joint venture with Barclays Capital, a multi-billion dollar investment firm from New York, which provided the financing for this transaction.
KS Partners has done business with New Boston Fund prior to this sale, having purchased more than eight buildings over the last ten years. This acquisition is the largest KS Partners has made and brings its portfolio to an excess of 2.8 million square feet. The office buildings were 87 percent leased at the time of sale with such tenants as: Nationwide Insurance, Liberty Mutual, AT&T, Verizon, Zurcich Insurance, URS Corp., AspenRE, United Healthcare, MetLife, and the American Cancer Society.