Hartford Business Journal

March 8, 2021

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2 Hartford Business Journal | March 8, 2021 | HartfordBusiness.com Connecticut hospitals saw a 44.4% plunge in patient volume in the second quarter of 2020 compared to the same period in 2019, according to Becker's Hospital Review. The data, reported by Becker's from an analysis by consultant Hospital Pricing Specialists, showed that hospitals nationwide saw volume drop an average of 35.2% in the second quarter of 2020. Northeastern states saw the steepest declines, with Massachusetts reporting a 48.5% drop, the worst in the nation. New York reported a 42.2% decline in patient volume. Senate sends data center incentives bill to Lamont's desk Senate Democrats have struck a compromise with Gov. Ned Lamont to fast-track incentives for data center development in Connecticut while also addressing environmental concerns over their operation. The Senate overwhelmingly gave final approval March 2 to the data center incentives measure. The bill also recently cleared the House of Representatives and now heads to Lamont, who is expected to sign it. The Democrat-controlled Senate did raise concerns about how data centers could affect air quality in future years, since they consume huge quantities of electricity, but Lamont pledged to support new environmental standards that the legislature would adopt this spring. The incentive waives state sales tax obligations for 20 years for any data center that invests at least $200 million in the state — or just $50 million if the facility is located within an enterprise zone. The sales tax exemption would be extended to 30 years if a $400 million investment is made, or a $200 million investment in an enterprise zone. Keith Phaneuf | CT Mirror S. Windsor FedEx facility sold for $50M A New York-based real estate investment firm said it has purchased a massive FedEx distribution center in South Windsor for $50 million. Metropolitan Realty Associates revealed itself as the buyer of the 304,000-square-foot facility that sits on 63 acres at 456 Sullivan Ave. The property, which is the sixth largest taxpayer in town, had been under contract for more than a month. MRA said Clarion Partners provided equity for the venture. The buyers are getting in on Connecticut's hot industrial real estate market that has blossomed in recent years thanks to e-commerce and other companies, like Amazon, increasingly needing warehouse space to store their goods closer to customers. The seller is a New Jersey- based entity, FEM Sullivan Road LLC, which bought the facility ‒ constructed in 2012 ‒ for $32.2 million the following year. FedEx has 10 years remaining on its initial lease commitment, and has options to extend by another 10 years after that, according to Newmark Net Lease Capital Markets, which represented FEM in the deal. UConn School of Business to launch online MBA program The UConn School of Business will launch an online MBA Hartford landlord Gottesdiener buys WNBA franchise Hartford landlord Larry Gottesdiener, once one of the city's most prolific property owners and boosters, is diversifying his portfolio with a new type of asset ‒ a WNBA franchise. The Atlanta Dream WNBA team announced that Gottesdiener, founder and chairman of Northland Investment Corp., is the lead investor in a three-member group that purchased the women's professional basketball club for an undisclosed price. The ownership group also includes former UConn women's basketball star and Dream player Renee Montgomery and Northland President and Chief Operating Officer Suzanne Abair. The deal thrusts Gottesdiener, a Connecticut native whose grandfather was a Hartford mailman, into the national spotlight, but his desire to own a professional sports team wasn't necessarily a hidden secret. During the prime of Northland's Hartford empire, Gottesdiener expressed hope to bring back to the Capital City an NHL hockey franchise, but that never panned out. CT hospitals among hardest hit by pandemic declines in patient volume SUBSCRIPTIONS Annual subscriptions are $96.00. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@cambeywest. com, or call (845) 267-3008. ADVERTISING For advertising information, please call (860) 236-9998.Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 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/enewsletters Tel: (860) 236-9998 Fax (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O. Box 330 Congers, NY 10920-9894 HartfordBusiness.com (860) 236-9998 Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com EDITORIAL Greg Bordonaro | Editor, ext. 139, gbordonaro@hartfordbusiness.com Matt Pilon | News Editor, ext. 143, mpilon@hartfordbusiness.com Beats: Real Estate/Economic Development, Energy, Startups & Entrepreneurs, Banking & Finance, and Government Liese Klein | Web Editor, ext. 127, lklein@hartfordbusiness.com Beats: Health Care and Bioscience Sean Teehan | Staff Writer, ext. 145, steehan@hartfordbusiness.com Beats: Manufacturing, Law, Technology, Higher Education, and Transportation Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer BUSINESS Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Christina Zuraw | Events Coordinator, ext. 134, czuraw@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Zac Macinnes | Senior Accounts Manager, ext. 133, zmacinnes@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Valerie Clark | Director of Audience Development, ext. 332 Jill Coran | Human Resources Manager Megan Mason | Operations Assistant, mmason@hartfordbusiness.com PRODUCTION Christie Novotny | Production Director, cnovotny@hartfordbusiness.com Joe Zwiebel | Founding Publisher Biz Briefs Buffalo's M&T to buy People's United for $7.6B www.copyright.com N ew York-based M&T Bank has agreed to acquire People's United Bank and its parent People's United Financial for $7.6 billion, in one of the largest deals involving a Connecticut-based bank in recent years. The all-stock transaction will combine two of the largest lenders in the Northeast. The two publicly- traded banks have approximately $200 billion in combined assets and more than 1,100 branches spanning from Maine to Washington, D.C. The companies said the deal would produce $330 million in cost savings by 2023. People's United has been a major driver of bank consolidation in its home state in recent years, acquiring Hartford-based United Financial and community lender Farmington Bank. Under the terms of the M&T deal, which is set to close in the fourth quarter pending regulatory approvals, People's United's longtime Bridgeport headquarters will become M&T's New England regional headquarters. The combined company would be led by M&T Chairman and CEO Rene Jones. People's United Chairman and CEO Jack Barnes will join the M&T board of directors, but any other future role wasn't disclosed. Jack Barnes has helped orchestrate the sale of People's United Bank to M&T Bank. PHOTO | CONTRIBUTED A rendering of a planned data center in New Britain. RENDERING | CONTRIBUTED This massive FedEx distribution center in South Windsor has been purchased for $50 million. PHOTO | CONTRIBUTED

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