Hartford Business Journal

10 HARTFORDBUSINESS.COM | JUNE 10, 2024 DEAL WATCH complex unique. First, it has a 10-megawatt power plant that is backed up by on-site generators, which means "the prop- erty never goes dark," Inglese said. "For companies that are doing engi- neering or high-tech manufacturing, you know that the building is always going to have power," he said. The power plant also means the facility can consistently provide manu- facturers both chilled and heated water, which can be useful for high-tech manufacturing or bioscience lab work. The office and industrial buildings on-site are connected by unique common areas. In addition to a cafe and dining area, there's also a fully outfitted, 24-hour fitness center. It includes lockers, a sauna, free weights, weightlifting and cardio machines, and will eventually offer fitness classes. It also has a centralized confer- ence center with built-in audiovisual equipment that can seat about 200 people and be rented by tenants. The owners are also creating spaces Steven Inglese (left) and Bradford Wainman say 175 Addison offers tenants unique amenities, including (clockwise from below right): a fitness center, quiet courtyard, flex/industrial space, and 200-person conference center. Photo Credit to be used as breakout rooms during conferences. The cafe/dining area is being reno- vated and updated, and will include a 24-hour market where employees of building tenants can buy food. It also offers access to outdoor courtyard areas that will feature picnic tables and Adirondack chairs. "If we've got a fully operational cafe where you can get a hot sandwich, … there's no other building in this market that supplies that," Inglese said. They also plan to redefine the phone booth by offering spaces for employees to have private cellphone conversations. The Hub But Inglese and Wainman see the property's central common area as a gathering place for more than just dining and phone calls. "We're going to call this The Hub," Inglese said of the cafe and seating area. "The whole goal is to get everyone passing through this space every day." To encourage that, they plan to install soft seating areas and gaming tables featuring ping-pong, foosball and shuffleboard. The decor also will encourage people to relax, with one side painted in blues like the ocean, and the other in green like the forest, they said. "When we first bought the building, we didn't realize how important The Hub was going to be until we looked at the overall competition," Inglese said. "No one has that, so it's a really effective marketing tool." Even small business owners or sole proprietors who can't afford to lease space can still find a way to utilize the building, he added, because one of the new tenants will be Regus, the coworking company that rents desks and ready-to-use office space. "There are a lot of Regus offices around the area," Inglese said, "but if you rent here you've got the ability to rent our 200-person conference facility or use the gym. You're not going to find another Regus around here that's got that capability." Seeking tenants With the renovations expected to be completed by the end of June, Wainman and Inglese are talking to other prospective tenants. The 175 Addison complex has some holdover tenants, including Triumph Integrated Systems, a manufacturer of electronics and components for the aerospace industry that is a division of West Hartford-based Triumph Group. Even with Triumph, approximately 135,500 square feet of flex/indus- trial space with 17- to 22-foot-high ceilings is still available. Other tenants include Belcan Global Engineering, CDI Engineering Solutions, Community Solutions Inc., Cyient Inc. and QuEST Global. Asked what rents in the complex will be, they didn't quote a price but said manufacturers will pay one rate while office tenants will pay another. "We can be super competitive because our basis is so low," Wainman said. He said most prospective tenants are waiting to see the renovation work completed. "Everyone has always been talking about doing this renovation and it never got done," Wainman said. "I think everyone's kind of holding their breath and waiting to say, 'OK, it's for real.'" Wainman added that The Hub concept is intended to help tenants lure workers back to the office in the post-pandemic era. "The whole concept of having The Hub is to get people to want to come back to work, and they want to come here because there's always other things to do," he said. Joel Grieco, an executive director of office brokerage in Cushman & Wakefield's Hartford office, helped broker the sale of 175 Addison last year. He's also helping lease the property. By investing in renovations, the new owners are "recharging" 175 Addison's vibe and "creating an environment where employees want to be," Grieco said. "Low rent, relevant and fun ameni- ties, strong ownership, and 1 mile from the highway. For most tenants this is a compelling combination of benefits," Grieco said. 'The Hub' Continued from page 9

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