Realtor Marcus & Millichap has announced the listing of ConnectiCare’s corporate headquarters in Farmington. The asking price for the 64,518-square-foot, Class A corporate facility is $18.85 million.
The building at 175 Scott Swamp Road(Route 6) was constructed in 2009 on a 16.8-acre campus. The three-story structure, known as Building One, houses about 200 employees in ConnectiCare’s corporate headquarters, including its corporate counsel, accounting, finance, human resources, Medicare and network administration departments.
The building for sale is one of two on the campus, both occupied by ConnectiCare. Built in 2003, the 100,539-square-foot IT/customer service center known as Building Two is home to approximately 550 employees specializing in IT, insurance claims, and customer service. More than 763 parking spaces service both buildings.
ConnectiCare occupies 100 percent of both buildings and each building benefits from long-term triple-net leases. ConnectiCare signed a 15-year lease for Building One that began in July 2009 and runs through the end of June 2024. The lease is structured with a 3-percent rental increase in year 11 of the base lease term. The lease also has three five-year options.
ConnectiCare has no ownership stake in the property; instead, the two buildings are owned by separate entities.
Listing agents are Steven J. Siegel of Marcus & Millichap’s Manhattan office, and Victor Nolletti of its New Haven office.