Hartford Business Journal

35 HARTFORDBUSINESS.COM | APRIL 25, 2022 Office market outlook GYL's choice to expand in Blue Back Square aligns with the mixed- use development's focus in attracting professional services companies, real estate experts said. "West Hartford Center and Glastonbury Center are two outposts for … financial services companies," said Chris Ostop, managing director of JLL, a commercial real estate firm. "Whenever there's a hiccup in the economy [like the pandemic], there's always a flight to quality [locations]." Charter Realty's Brandes said he is seeing that uptick in Blue Back now. He said the current inventory of office space is more than 80% full and with deals in the works — including three new undisclosed restaurants planned for Blue Back over the coming months — he expects that number to be closer to 90% occupancy by summer. "Blue Back has [advantages] for office space that other [office] real estate in the area cannot provide," Brandes said, noting the property's Delmar Hotel and combination of retail and restaurants provide professional firms with convenient, pedestrian-friendly amenities. And he's bullish on future office growth. In fact, the company plans to convert the 35,000-square-foot former New York Sports Club at 65 Memorial Road into new office space. The firm is also managing a full-scale lobby renovation in its Rutherford Building location on Memorial Road. As for office space, Brandes said, he's seeing a trend toward customized designs. "People are looking for something unique and they want a livable environment," he said. In a post-pandemic world, there's been a mix of traditional office in-person environments and newer shared space designs to accommodate hybrid work models. For GYL's Goldberg, new space represents another sign of the firm's steady growth trajectory. He credits financial technology with playing a vital role in scaling his business and industry, which has been fueled by two main factors in recent years: an intergenerational transfer of Baby Boomer wealth and the proliferation of financial products on the market. That's created a greater need for wealth advisory services, including estate planning, charitable giving and retirement planning among GYL's clientele. It's a client base that Goldberg hopes to keep growing as GYL looks to expand its East Coast reach through additional acquisitions. He's looking for more than just talent, too. "We want people who want to be part of a purpose-driven organization that has core values and is taking care of its clients, team and giving back to the community," he said. PHOTO | COSTAR Blue Back Square is a 450,000-square-foot mixed-use development in West Hartford. Business Strategy Chris Ostop Home Sales Here's a list of recently sold luxury homes in Greater Hartford. Sale price Address Town Baths Beds Square footage Days on market $1,210,000 17 School House Lane Simsbury 7 5 6,303 33 $1,070,000 6 Henley Commons Farmington 8 6 7,085 193 $1,030,000 601 Forest Road Suffield 3 3 3,094 69 $961,000 52 Northington Drive Avon 6 5 5,781 2 $958,000 296 Main Street Glastonbury 5 5 5,992 205 $935,000 75 Jonathan Trail Glastonbury 5 4 4,695 5 $925,000 45 Farmington Ridge Drive Farmington 6 5 6,082 3 $880,000 27 Cambridge Crossing Avon 5 5 4,454 3 $750,000 102 Rock Road Burlington 4 4 4,210 2 $740,000 30 Angelas Way Burlington 5 4 3,547 2 $705,000 3 Queens Peak Canton 3 4 3,725 3 $690,000 30 Sand Hill Lane Glastonbury 5 5 4,494 23 $665,000 12 Mountain Top Pass Burlington 4 4 3,000 107 $650,000 84 High Farms Road West Hartford 3 4 2,598 3 $636,675 1 Carson Way Simsbury 4 3 3,062 0 $635,000 5 Caryn Lane Simsbury 4 5 3,523 4 $625,000 268 Rye Street East Windsor 4 5 3,482 44 $617,750 10 Homestead Road Simsbury 3 4 2,825 3 $570,000 26 Copplestone Road Avon 3 4 2,341 4 $567,000 45 Vincent Circle South Windsor 3 3 2,874 2 $565,000 521 North Grand Street Suffield 3 3 2,458 3 $556,700 26 Balmoral Drive Southington 3 4 2,381 132 $550,000 20 Blueberry Lane Southington 4 4 3,161 2 $535,000 105 Alpine Trail Southington 3 4 2,354 3 $524,225 2 Redwood Lane, Lot 84 Southington 3 4 2,528 42 $510,000 11 Lionel Drive Simsbury 3 4 2,346 2 Credit: Data provided by Evan L. Berman of William Raveis Broder Team. Contact him at evan@brodergroup.com.

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