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2 HARTFORDBUSINESS.COM | JANUARY 13, 2025 Biz Briefs 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 Subscriptions Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.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-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters 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 the violence on Jan. 6, and vowing to "use our voice to advocate for our democracy and a peaceful transition of power." Guggenheim Partners to relocate from Darien to 'financial services hub' in key CT city Darien-based financial services and asset manager Guggenheim Part- ners is relocating to a Class A office campus in Stamford known as First Stamford Place. Commercial real estate firm Newmark Group said it has arranged an 11-year lease for Guggenheim Partners to occupy 10,573 square feet in the business center, which is located at 100, 200 and 300 First Stamford Place, next to the Stamford Train Station. "This transaction showcases Stam- ford's continued growth as a financial services hub," said James Ritman, Newmark's executive vice president Major carbon removal buyer inks $32.1M offtake agreement with New Haven startup Frontier Climate — a carbon-re- duction fund founded by tech giants Alphabet, Shopify and Meta, among others — has partnered with CREW Carbon, a New Haven startup born out of research at Yale University. Through an offtake agreement, Frontier Climate will pay CREW Carbon $32.1 million to remove 71,878 tons of carbon dioxide between 2025 and 2030. CREW Carbon has developed a system to capture carbon dioxide from the wastewater treatment process, which typically uses microbes grown in treatment tanks to break down organic waste. The process releases carbon dioxide. CREW's system adds alkaline minerals to the tanks, which react with the carbon dioxide, converting it into a more stable, benign form. The resulting bicarbonate is discharged to oceans and rivers. CREW Carbon partners with indus- trial and municipal wastewater opera- tors to integrate carbon removal into their existing systems. It has received funding from Connecticut Innovations' $100 million ClimateTech Fund. Report: Stanley Black & Decker makes major donation to Trump's inauguration Stanley Black & Decker said it is donating $1 million to help fund Donald Trump's second inauguration, according to the Wall Street Journal. It's a major increase from the $25,000 the New Britain toolmaker gave to Trump's first inauguration in 2017. The donation comes as Stanley contemplates raising prices and moving some of its manufacturing operations to different parts of the world to avoid the worst effects of the incoming president's promised trade tariffs. According to a filing with the U.S. Securities and Exchange Commission in November, a 60% tariff on Chinese goods, mentioned by Trump on the campaign trail, could cost Stanley up to $200 million. The donation also marks a change in tone from the company's response after the Jan. 6, 2020 invasion of the Capitol by Trump's supporters. The Journal reports that Stanley has removed a news release from its site that included a message from then-CEO Jim Loree condemning PHOTO | COSTAR City Place I tower, at 185 Asylum St., in downtown Hartford. Hartford's tallest office tower faces loan delinquency H artford's tallest skyscraper has lost nearly half its value as occu- pancy has fallen to about 50%, and perhaps lower, according to a recent report by commercial real estate data tracking firm Trepp. Trepp — which receives monthly reports from trustees of securi- tized mortgages — reported that a recent appraisal of the City Place I tower, at 185 Asylum St., valued the property at $64 million, down from $114.5 million in 2015. The 38-story, 885,000-square-foot tower was built in 1983 and renovated in 2010. It was sold to Boston investor Paradigm Proper- ties for $113.2 million in 2015. The drop in value means the property is worth less than the $79.3 million remaining on Paradigm's loan, according to Trepp. The loan that funded the purchase is delinquent and in special servicing, according to Trepp. Special servicing occurs with commer- cial mortgage backed security loans that are troubled and need some sort of workout. Chris Ostop, managing director of real estate services firm JLL Connecticut, attributes City Place I's current struggles to United- Healthcare's decision in 2023 to drastically reduce its footprint when its lease came up for renewal. The insurer shrank its footprint from 350,000 square feet to around 57,000 square feet. The lease came up for renewal right as companies were embracing remote work. Ostop said City Place I is still a premier location and will, eventually, return to being one of the best-performing buildings downtown. Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Beat: Energy Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance David Krechevsky | Staff Writer, ext. 702 davidk@hartfordbusiness.com Beats: Health Care, Bioscience Harriet Jones | Staff Writer, ext. 145 hjones@hartfordbusiness.com Beats: Manufacturing, Cannabis, Professional Services Stephanie R. Meagher | Research Director Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Jessica M. Quinn | Associate Publisher, ext. 137 jquinn@hartfordbusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Dean Zappalorti | Senior Accounts Manager, ext. 101, deanz@hartfordbusiness.com Sadie Bride | Senior Accounts Manager, ext. 141, sbride@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com CONTRIBUTED PHOTO Stanley Black & Decker's New Britain headquarters. CONTRIBUTED PHOTO First Stamford Place. and managing director. First Stamford Place, which is 85% occupied, consists of three mirrored- glass office towers, totaling about 778,271 square feet. Trinity Health Of NE, Aetna agree to new multiyear contract This time, Trinity Health Of New England (THONE) got it done before time ran out. The health system recently announced that it had reached an agreement with Aetna Inc., a CVS