Hartford Business Journal

4 Hartford Business Journal • July 8, 2019 • www.HartfordBusiness.com Briefs Lincoln Financial to shutter Rocky Hill office; 83 layoffs expected Lincoln Financial Corp. recently informed state labor officials that it will close its Rocky Hill office, resulting in 83 layoffs. The Pennsylvania-based company, which offers insurance and investment management services, told Department of Labor that its operations at 55 Capital Blvd. will cease Sept. 1. The so-called WARN notice is required by federal law for employers to provide advance notification of major closings and layoffs. Employees were first notified of the permanent closure in Aug. 2018., the company said. Affected are dozens of claims specialists, as well as managers, directors and administrative assistants. There are no bumping rights at the location and affected employees are not represented by any union. Lincoln Financial took over the leased space last year from Boston's Liberty Life Assurance Co., after acquiring that company for $3.3 billion. Lincoln called the pending closure a strategic business decision and said its group benefits claims would be handled from other locations around the country. The building is currently owned by Massachusetts-based KS Partners. It acquired the 10-acre property and the 435,600-square-foot office building on site for $8.5 million in Oct. 2012, according to the town's assessor's office. CT Southern Railroad owner acquired for $8.4B Genesee & Wyoming Inc., a Darien- based freight railroad operator is being acquired by Toronto's Brookfield Infrastructure Partners L.P. and Singapore- based GIC in an $8.4 billion deal. Genesee & Wyoming will become a privately held company under the deal, a statement from the company said. It currently owns 120 short line railroads, mostly in North America, but also owns operations in Europe and Australia. Among its holdings is the Connecticut Southern Railroad (CSO), which is a nearly 80-mile stretch of track running between Connecticut and Massachusetts. The company acquired that line in 2012. Spectra Pearl's first units for lease Downtown Hartford's newest apartment community, Spectra Pearl, has begun leasing the first of its 265 units, the landlord says. Jeff Ravetz, principal in New York City developer Girona Ventures, now Hartford's largest downtown residential landlord, confirmed the start of leasing at 111 Pearl St., the former office tower next door to its sister tower, 101 Pearl St. Capital Region Development Authority (CRDA) Executive Director Michael Freimuth announced to his board of directors at their June 20 meeting that 111 Pearl had received its certificate of occupancy from city housing inspectors and that leasing had begun. CRDA loaned about $15 million to finance the approximately $50 million development, flanked by Trumbull, Pearl and Lewis streets. Meantime, construction continues on 111 Pearl's upper floors, as well as at 101 Pearl. Spectra Pearl's homepage shows at least 24 units on floors three through six are available to tenants. Monthly rents run from $1,089 for a 358-square-foot studio, to $2,429 for a 1,050-square-foot, two-bedroom, two-bath unit. Spectra Pearl's amenities will include recreation rooms on each floor, video- screening rooms, business centers, libraries, and games, including table tennis. Both will offer round-the-clock concierge services and a manned lobby. Ravetz has previously stated Girona's intent to have both towers open and occupied by year-end. Girona Ventures also redeveloped and owns downtown's Spectra Plaza Apartments, 5 Constitution Plaza, whose floorplans for its 203 units start at $1,140 per month. In 2014, Girona paid about $28 million for the 132-unit former Trumbull on the Park Apartments and adjoining parking garage at 100 Trumbull St., since rechristened as Spectra Park. Week in Review TOP STORY Farmington's Pond View sold at $20M F armington's 30-year-old Pond View Corporate Center office campus has sold for $19.95 million, brokers say. New Haven landlord Fusco Farmington Associates L.P. sold in late June the 236,302-square- foot Class A property at 74-76 Batterson Park Road to buyer Pond View Development LLC/Pond LLC, town land records show. Pond View consists of two buildings on 34 acres, adjacent to Hartford's Batterson Park and Interstate 84. Hartford's Colliers International represented Fusco and procured the buyer. The buildings' amenities include a fitness center, café, conference and technology center, and outdoor walking trails. Tenants include Comcast, New England Asset Management, insurer Lockton Companies and KBE Building Corp. The Fusco Corp., a construction and property-management concern, opened Pond View's buildings in 1988 and 1989. BY THE NUMBERS $700.9M Connecticut's expected surplus for the fiscal year ended June 30. 10 The number of years Elliot Joseph has led Hartford HealthCare. After his retirement later this year, he will be succeeded by Jeffrey Flaks. $740,000 The sum UConn is spending on a new president's residence in Storrs. 74.5% The average funded status, as of June 2018, of approximately 200 Connecti- cut municipal pension plans recently analyzed by Hooker & Holcombe. TOP 5 MOST READ On HartfordBusiness.com • 1. Lincoln Financial to shutter Rocky Hill office; 83 layoffs expected • 2. E. Hartford manufacturer consolidates CT operations amid invites to leave state • 3. Flaks to succeed Joseph at Hartford HealthCare • 4. CT to fully reopen highway rest areas • 5. Ideanomics, state ink deal to begin W. Hartford redevelopment in July 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 Pond View Corporate Center PHOTO | COLLIERS A Connecticut Southern Railway train. PHOTO | CREATIVE COMMONS A 358-square-foot studio apartment for lease at Hartford's 111 Pearl. PHOTO | CONTRIBUTED

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