Hartford Business Journal

4 Hartford Business Journal • August 19, 2019 • www.HartfordBusiness.com Briefs $1M vacant Hartford office tower sale looms A $1 million cash sale is pending on the state-owned skyscraper overlooking the Interstate 84 viaduct in Hartford that once housed several state offices before water leaks and mold forced them to abandon it, the state says. Cromwell commercial investor William Coons III and his Spartan Towers LLC unit inked a purchase-contract with the state July 30 for the 15-story, 25 Sigourney St. office tower. Coons, whose realty holdings include New Britain's revamped, fully leased 1 Herald Square, a former newspaper property, said the Sigourney St. tower will stay office space. He said the property needs a $30-million-plus investment. He is also recruiting brokers to find one or more "big-block tenants'' who will occupy 50,000 square feet or more. Farmington augmented- reality developer raises $8.1M A Farmington-based company that's developing augmented-reality technology to help teams of workers collaborate more efficiently said it's raised $8.1 million. Polarity said it will use the funding round, which was led by Atlanta-based venture capital firm TechOperators, to expand its product offerings and engineering and sales teams. Previously called Breach Intelligence, Polarity is led by CEO Paul Battista, a former U.S. intelligence officer. Polarity says it's developed computer-vision algorithms to help IT workers, analysts, cybersecurity professionals and other knowledge workers keep track of data "beyond the capacity of human memory." According to Polarity, its technology uses on-screen overlays — not augmented-reality goggles — to display information in a way that enhances human memory and analytical capabilities. Polarity said it has customers ranging from 20-employee firms up to Fortune 10 companies, as well as the U.S. government. CT Wealth, Capital Strategies merge Two Hartford area wealth-management advisories have merged. Farmington's Connecticut Wealth Management LLC (CT Wealth) and former Capital Strategies (CS), of Bloomfield, in June consolidated their financial-planning, wealth-advisor staffs and managed-asset portfolios for undisclosed financial terms. The Bloomfield firm is unaffiliated with Hartford lobbying firm Capitol Strategies Group LLC. Today, CT Wealth has 25 employees and some $1.5 billion in client assets under management, co-founder and CEO Kevin C. Leahy said. Pre-merger, CT Wealth counted 20 staffers and just under $1 billion in managed assets. Leahy and co-founder Denis M. Horrigan launched CT Wealth in 2010. CS began in 1987. Five CS staffers joined CT Wealth and relocated to its 281 Farmington Ave. offices in the merger, including co- founders Bichop J. Nawrot and Claudia Jacques-Soto. CS has vacated its Bloomfield office, officials said. Annie Lamont's VC firm raises $800M fund The venture capital firm run by Gov. Ned Lamont's wife, Annie Lamont, and her partners has raised approximately $800 million for a new fund. It's the third and largest investment fund yet for Greenwich-based Oak HC/ FT, which said it will use the capital to continue to invest in the healthcare and financial technology sectors. The firm, founded five years ago by Lamont, Andrew Adams and Tricia Kemp, says it has invested in nearly 40 companies so far. A total of 70 investors contributed to the capital raise, according to Oak's disclosure filing with the U.S. Securities & Exchange Commission. Oak's prior two funds were $600 million and $456 million. Michaels Jewelers chain acquired; one store to close One of 10 Michaels Jewelers stores will close after being acquired by a Springfield-based jewelry retailer, the buyer announced. 7C Diamonds Inc. said it's purchased the Waterbury-based jewelry chain for an undisclosed amount, and will close its Torrington store at 80 Main St. The sale of the fifth-generation family- owned Michaels Jewelers comes as its CEO, W. Mark Michaels, heads for retirement. 7C Diamonds' president is Camile Hannoush, a member of the family that operates Hannoush Jewelers. Week in Review TOP STORY Prospect Medical Holdings looks to add another CT hospital C onnecticut's shrinking roster of independent hospitals could soon lose one more. California-based for-profit hospital operator Prospect Medical Holdings, which already owns Eastern Connecticut Health Network and Waterbury Hospital, said it is exploring a "strategic affiliation" with Day Kimball Healthcare, the Putnam-based health system anchored by Day Kimball Hospital as well as outpatient and community facilities along the I-395 corridor. The private-equity-backed Prospect and Day Kimball said they intend to sign a definitive affiliation agreement this fall. The combination would require state and federal regulatory approvals. No financial details were disclosed, but the parties said Day Kimball would remain a not-for-profit hospital. That would be unique for Prospect, which is a for-profit operator of 20 hospitals in six states. BY THE NUMBERS 0.6% The growth rate in personal income in Connecticut during the second quar- ter of 2019, which ranked the state 48th in the country, according to Pew Charitable Trusts. 21,462 The square footage of Cinépolis Luxury Cinemas in West Hartford Center, which recently reopened as a luxury, six- screen, dine-in multiplex cinema. $100M The operating revenue Stop & Shop's parent company lost as a result of an 11-day labor strike in April. TOP 5 MOST READ On HartfordBusiness.com • 1. Hartford's Parkville Market targets Dec. debut • 2. Ex-CT union head guilty of embezzling • 3. Prospect Medical Holdings looks to add another CT hospital • 4. Mohegan Sun's 3Q profits fall 21% amid declining gaming revenues • 5. Annie Lamont's VC firm raises $800M fund 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 Day Kimball Hospital may cede its independence following a proposed strategic affiliation with Prospect Medical Holdings. PHOTO | CONTRIBUTED

• Cover