Hartford Business Journal

4 Hartford Business Journal • April 29, 2019 • www.HartfordBusiness.com Briefs Mass. lender eyes more central CT offices Springfield area lender Westfield Bank is launching its second Connecticut expansion, with more Greater Hartford offices and staffing in mind by early 2020. The $2.1 billion-asset flagship of Western New England Bancorp, of Westfield, Mass., announced it will open in early 2020 a combination branch- loan services office at an undisclosed location in West Hartford Center. Office construction is set to start this summer. Meanwhile, Westfield has leased about 1,500 square feet of temporary office space on the second floor of 977 Farmington Ave., above the former ground- floor Grant's restaurant, to house its Connecticut "financial services center" until its permanent space opens sometime in December, said Executive Vice President/ Chief Banking Officer Kevin C. O'Connor. Westfield also is mum on where its fourth Hartford area branch will be housed, but will open sometime in early 2020, said CEO James C. Hagan. Plans are subject to regulatory approval, officials said. Westfield first entered the Connecticut market in 2013, opening a Granby branch at 10 Hartford Ave. It followed in late 2014 with a second branch, at 47 Palomba Dr. The bank presently has 22 branches in Connecticut and Massachusetts. Construction coalition launches pro-tolls ad campaign A coalition of construction businesses and labor unions is making a case for implementing electronic highway tolls to pay for Connecticut's poorly rated roads and bridges. Move CT Forward said it launched a six-figure TV advertising campaign April 23 in an attempt to inform the public on how the state has allowed its infrastructure to deteriorate. Ads claim that placing tolls on state highways is the top solution to generating enough revenues for major infrastructure improvements. The coalition, which rolled out its first ad campaign last year, includes the Connecticut Construction Industries Association and CT Ready-Mixed Concrete Association; Hartford-based CT Laborers' District Council; and Boston-based New England Regional Council of Carpenters. The advertising campaign shoots down calls to address the state's infrastructure issues by raising retail and gas taxes or increasing borrowing at the expense of state taxpayers. The coalition paints a dire picture facing Connecticut roadways, citing reports that say 57 percent of roads are in "poor condition" and a third of bridges are "structurally deficient" or "functionally obsolete." The poor road and bridge conditions, the coalition says, are causing more congestion, costing Connecticut residents an estimated 40 hours a year to traffic. Idaho insurtech lands in downtown Hartford An Idaho-based provider of digital life insurance platforms says it's opened a corporate office in downtown Hartford's Boat Building. Covr Financial Technologies, headquartered in Boise, Idaho, announced it's adding about 15 jobs at 1 American Row, which is also occupied by Hartford insurer Nassau Re and its newly minted insurtech incubator program. Covr says it's moving its executive office, marketing, sales and predictive analytics/product management teams to the space due to the Capital City's strong insurance and insurtech presence. Covr will maintain its presence in Idaho, where it has additional sales, technology and customer-service staff. More Hartford region biz sold in 1Q The number of Greater Hartford businesses that traded hands during the first quarter increased, although the median sales price fell sharply, a new report says. The analysis by BizBuySell.com, which tracks self-reported small business sales, says 16 businesses were sold in the region between January and March at a median sales price of $229,000. That's six more sales vs. a year prior. Meantime, the median sales price fell 23.6 percent. Businesses sold on average received 83 percent of the asking price, down from 97 percent in the first quarter of 2018. The median sales price was weighed down by several transactions involving small restaurant chains changing hands, including two eateries selling at lows of $75,000, according to the report. The $4 million sale of a New England-based aerospace manufacturer led business sales during the quarter. Week in Review TOP STORY Murtha Cullina moving Hartford operations to downtown's Prudential Building H artford law firm Murtha Cullina is relocating its downtown headquarters next year from CityPlace I to the 28-story Prudential Building on Trumbull Street. The firm, which also has offices in New Haven and Stamford, has signed an 11-year lease at 280 Trumbull St., which begins May 1, 2020, according to Thomas M. Daniells, a Murtha Cullina partner. Daniells said more than 100 attorneys and staff will occupy a one-floor space in about 26,000 square feet. The new site, he said, consolidates the firm's operations across a single floor compared to its more costly setup in two floors at CityPlace I on Asylum St. "[CityPlace I is] a great building but we are ready to get a 2020 office with upgrades on computer systems and office buildout," Daniells said. "It gives us more uniform size offices. We are excited to have an updated state-of-the-art office here in Hartford and we do plan to be in Hartford for the long term" Murtha Cullina is the second firm in the last month to make a major move downtown. In March, Wall Street investment bank Morgan Stanley announced it too is leaving CityPlace I in Jan. 2020, to occupy 15,171 square feet at the 30-story Goodwin Square. BY THE NUMBERS $229,000 The median sales price of the 16 Greater Hartford small businesses that were sold during the first quarter of 2019, according to BizBuySell.com. $1.2M The amount Massachusetts-based Buf- falo Lodging Associates said it invested to renovate the 108-room Hampton Inn & Suites by Hilton hotel in Enfield. 4% The profit increase Farmington con- glomerate United Technologies Corp. recorded during the first quarter of 2019. It netted $1.3 billion. 1,300 The number of jobs Connecticut shed during the month of March, which lifted the unemployment rate to 3.9 percent. TOP 5 MOST READ On HartfordBusiness.com • 1. Hartford HealthCare, Trinity, UConn to launch Hartford medtech accelerator • 2. Murtha Cullina moving Hartford operations to downtown's Prudential Building • 3. Union has tentative deal to end Stop & Shop strike • 4. UTC's 1Q profits up 4%; separation on track • 5. Idaho insurtech lands in downtown Hartford STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe Thomas M. Daniells, Partner, Murtha Cullina The Prudential Building at 280 Trumbull St. PHOTO | CONTRIBUTED

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