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Monday, June 30, 2014

BLT Confirms It Purchased Nyala Farms Complex for $130 Million

Stamford-based Building and Land Technology (BLT), a firm with close ties to Westport’s Bridgewater Associates hedge fund, today confirmed a WestportNow report Saturday that it is behind the $130 million purchase of the Nyala Farms Corporate Center in Westport. (See WestportNow June 28, 2014)

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Sale of the 53-acre Nyala Farms Corporate Center was recorded just as Bridgewater Associates announced it was not moving to Stamford. File photo

As reported, the sale is the largest transaction in Westport’s history, and In a statement, the firm said it is the largest real estate transaction in Connecticut this year. Westport reaped $325,000 from the sale while the state got $1,625,000 in conveyance fees.

The sale, to a Stamford-based LLC sharing an address with BLT, was recorded in the Town Clerk’s Office as Bridgewater was announcing it had dropped its plans to move to Stamford where BLT was involved in developing a $750 million waterfront project to house the company. Bridgewater has a large presence in the Nyala Farms faciity, including a trading floor which has recently been renovated at a cost of millions, according to town officials.

Purchase of the 372,207-square foot office park on 53 acres in Westport was announced by Carl R. Kuehner III, CEO of BLT, a privately held real estate private equity, development and property management firm.

The property is home as well to a number of other well known firms, including Terex, Morgan Stanley, and RBC. 

The complex includes five buildings adjacent to I-95 in the bucolic Greens Farms setting of the former Nyala Farms, which later sold the property to Stauffer Chemical. The property is deed restricted so no more buildings can be built there or expanded.

Sale of the property had been rumored among tenants for months and speculation was that Bridgewater was behind it, according to a real estate source who requested anonymity because he was not authorized to speak publicly on the subject.

A Bridgewater spokesman told WestportNow on Saturday that Bridgewater did not buy Nyala Farms and said the firm was “keeping all its options open.”

“With our acquisition of Nyala Farms, BLT will offer yet another stellar asset to the Southern Connecticut office markets,” the BLT statement said.

“Nyala Farms is a true gem in a lushly landscaped setting, providing an outstanding location that is easily accessible from residential areas in the Town of Westport and nearby communities.

“We’re pleased to expand our portfolio into Westport, which is home to a number of Connecticut’s leading businesses. BLT is a Connecticut company, and the opportunity to acquire another market-leading property here is especially exciting for us.”

BLT long has had close ties to Bridgewater and has employed Matt Dalio, son of Bridgewater founder Ray Dalio.

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Posted 06/30/14 at 09:04 PM



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