Citibank has sold its Phibro energy-trading firm based at Westport’s Nyala Farm office complex after getting heat over a deal to pay the owner a $100 million bonus following the federal bailout controversy.
The Nyala Farm office complex on Greens Farms Road houses Phibro LLC. File photo
Occidental Petroleum Corp. an oil and gas exploration and production company, is the buyer and said it was making a $250 million net investment.
Andrew Hall, a Southport resident and Phibro CEO, is the man at the center of the controversial bonus that got the attention of the federal pay overseers. (See WestportNow Aug. 3, 2009)
Hall and employees will remain with the company after closing, which is expected to happen by the end of the year.
Occidental was careful in saying what will happen to Hall’s $100 million bonus.
“Significant portions of current and future bonuses will be deferred and retained by Phibro and paid out in future years,” Occidental said.
It added that future payouts will be adjusted to reflect Phibro’s results during that period.
There was no word whether the firm will remain in Westport under Occidental.
i hope the new land lord cuts the grass in the former cow pasture more than once a year like the current owners. as a landlord in nyc i get fined if we dont clean up weeds in tree pits or cigarette buts left behind by careless passer byes. i think it is one of the best parts of the property so keep it clean and good luck with your new purchase the neighborhood will be happy.
was the office complex sold or just phibro. somebody tell whoever owns the office complex that the pasture looks horrible when its overgrown don’t they care about the appearance of the property
I believe Phibro is a tenant at the Nyala complex.
When the Nyala Farms complex was approved, there was a court settlement that specifies when and how often the meadow can be mowed. This was done, I believe, to protect nesting birds. The agreement is included in the property file in the Westport Planning and Zoning Dept.