MassMutual seeks buyer for 66-acre Enfield campus
January 20, 2019 by Stephen Singer
MassMutual, which announced last year its departure from Enfield to Massachusetts, is selling its 435,000 square feet of office space on 66 acres.
Its agent has not disclosed the sales price, but the assessed value is $34.6 million, according to the Enfield assessor. The property tax bill is about $1.3 million.
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BRE/New England, the commercial real estate firm listing the property, promotes its as a “campus that combines superior infrastructure, a strong amenity base and excellent branding potential with excellent highway access and visibility, a desirable greater Hartford location and access to a highly-skilled and educated workforce.”
The site, with a 5,000-square-foot data center, a six-story parking garage and three buildings dating to the 1980s, may accommodate a fourth building. The real estate broker touts MassMutual’s proximity to Interstate 91 and Bradley International Airport and that it’s accessible to the Hartford and Springfield labor markets.
The campus includes a day care center, parking garage, fitness center, cafe and meeting facilities. It also boasts a helicopter landing pad.
Special permitted uses at the site includes day care centers, commercial recreation, financial institutions, hotels, medical offices, research labs, residences, stores, schools and other uses.
Massachusetts Mutual Life Insurance Co. announced in February 2018 its decision to shut its office in Enfield, which employed 1,500, and expand operations in Springfield and Boston in order to “grow and thrive over the long term.”
In Connecticut, state and local officials said they were surprised because less than four years earlier, they helped MassMutual celebrate the company’s $38 million revamped facility.
The insurer said it will spend nearly $300 million in Massachusetts and add 1,500 jobs in Springfield over four years, expanding the workforce there to 4,500. It also will increase its presence in Boston, adding 1,000 jobs in the coming years. Massachusetts said last year it would give MassMutual a package of incentives worth $46 million.
MassMutual said last year that a stronger Boston presence “immerses us in a booming financial and digital economy” and provides more opportunity to recruit employees.
Stephen Singer can be reached at ssinger@courant.com.
