In the largest real estate transaction in Westport’s history, the 53-acre Nyala Farms Corporate Center, where hedge fund Bridgewater Associates has a trading floor, has changed hands for $130 million.
Sale of the 53-acre Nyala Farms Corporate Center was recorded just as Bridgewater Associates announced it was not moving to Stamford. File photo
A filing recorded late Friday in the Town Clerk’s office –- about the time Bridgewater Associates was announcing it was not moving to Stamford -– said the buyer was 60 Nyala Farms Road LLC, a corporate entity with apparent ties to Bridgewater.
The LLC’s address, 100 Washington Boulevard, Suite 200, Stamford, is the same as Stamford-based Building and Land Technology (BLT), a privately held real estate private equity, development and property management firm which had been developing a $750 million complex for Bridgewater in Stamford. A notation on the filing said to send a recorded copy to someone at BLT.
A Bridgewater spokesman said today Bridgewater “did not purchase Nyala Farms and continues to explore options.”
While technically correct that Bridgewater itself was not the purchaser, there was a belief among other Nyala tenants as well as others familiar with the complex that Bridgewater was linked to the transaction, according to a real estate source.
The seller was listed as Nyala Farms Inc. with a Tallahassee, Florida address.
When the planned move to Stamford was announced two years ago, Bridgewater officials told the town that it intended to retain its presence at Nyala Farms, where it has invested millions in a trading floor, as well as its Glendenning headquarters on Weston Road.
The 372,207-square foot office complex spread over five buildings houses numerous other companies, including Terex Corp., which signed a lease for 80,000 square feet there in 2006.
Bridgewater said two years ago that it had 1,225 employees spread over five buildings in Westport. It also has additional space in Wilton.
A Bridgewater statement late Friday said the hedge fund, Westport’s largest employer and third largest taxpayer, decided to call off its move to Stamford because it was too challenging. No mention was made of neighborhood opposition.
“After careful examination and reflection surrounding the challenges, time, energy, and resources needed to bring the proposed Stamford project to completion, we have decided not to proceed with the move,” the statement said.
“We are particularly thankful to Governor Malloy for doing his utmost to make this opportunity possible. We are now exploring our other options.”
Malloy had offered $115 million in incentives to Bridgewater, including grants, tax credits and a forgivable loan, and it required the firm to meet job creation and retention goals.
With the $130 million sale, the town will reap $325,000 in a conveyance fee, according to Town Clerk Patricia Strauss. The state will collect $1,625,000.
“Bridgewater has been a wonderful corporate citizen in Westport for many years, so we’re happy that apparently that relationship will continue in the near future,” said First Selectman Jim Marpe after Friday’s Bridgewater announcement.
“I’m glad to see that the town through our Planning and Zoning Commission has enabled Bridgewater to make some of the improvements to the Glendinning facility, which may have helped them make that decision,” he added.
—James Lomuscio contributed reporting.
