Hartford Business Journal

2 HARTFORDBUSINESS.COM | SEPTEMBER 7, 2026 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 $150.00. 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. Tom Curtin | CEO, ext. 124, tcurtin@hartfordbusiness.com 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, State Government Harriet Jones | Staff Writer, ext. 145 hjones@hartfordbusiness.com Beats: Manufacturing, Cannabis, Professional Services Clarissa Garza | Staff Writer cgarza@hartfordbusiness.com Beats: Fairfield County, Real Estate, Economic Development 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 Sadie Bride | Senior Accounts Manager, ext. 141, sbride@hartfordbusiness.com Destiny Cyr | Operations & Administrative Specialist, ext. 138 dcyr@hartfordbusiness.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Events Kathryn Pelletier | Director of Marketing and Events, ext. 136 kpelletier@hartfordbusiness.com Hartford's Tecton Architects acquired by private equity- backed firm Hartford-based Tecton Architects has been acquired by Agathos AEC, a national architecture and engineering firm backed by private investment firm Hunter Forest Capital. Financial terms were not disclosed. Tecton will retain its name, offices and leadership team, and no layoffs are planned. Its principals also invested in Agathos as part of the deal. Founded in 1979, Tecton employs more than 50 people in Hartford and Westerly, Rhode Island. The firm designs education, healthcare, public safety, manufacturing and corporate facilities. Agathos, formed in early 2026 to grow through acquisitions, said the deal establishes its architectural prac- tice and Northeast presence. BioXcel files for bankruptcy, agrees to potential $145M sale New Haven-based BioXcel Ther- apeutics has filed for Chapter 11 bankruptcy protection and agreed to sell substantially all of its assets to pharmaceutical company Teva for up to $145 million. The bankruptcy and potential sale follow years of losses and declining cash reserves for BioXcel, which has commercialized one drug, Igalmi, used to treat acute agitation in adults with schizophrenia or bipolar disorder. Teva would pay $57.5 million upfront and assume certain liabilities. BioXcel could receive another $67.5 million tied to its pending application to expand Igalmi's use to at-home settings, plus up to $20 million based on future sales. The City Place I office tower in downtown Hartford. Photo | CoStar Vimal Mehta is the founder and CEO of BioXcel Therapeutics. HBJ Photo | David Krechevsky Teva's offer sets a minimum price as BioXcel seeks competing bids through a court-supervised auction. Santander begins Webster Bank integration following $12.3B acquisition Spain-based Santander has begun integrating Webster Bank following completion of its $12.3 billion acquisition on Aug. 20, with a full rebranding and technology conver- sion expected by the end of 2027. Webster will continue operating under its existing name and tech- nology for at least another year. Its former Stamford headquarters will remain one of Santander's U.S. corporate hubs. The combined bank has approx- imately $327 billion in assets. Santander is targeting $800 million in annual cost savings by 2028, partly through elimi- nating duplicate back-office jobs. Executives have not estimated potential job losses but said there are no current plans to close major Connecticut offices or cut customer-facing operations. Eight bidders pursue Hartford's tallest office tower Eight prospective buyers submitted initial bids for City Place I, Connecti- cut's tallest office tower, despite the downtown Hartford building being less than half leased. The court-appointed receiver for the 38-story, roughly 885,000-square- foot tower expects five to seven prospective buyers to submit second- round bids in early September, court records show. Any sale would require court approval. Boston-based Paradigm Proper- ties bought the property for $113.2 million in 2015 but turned it over to a receiver in 2025 after falling behind on mortgage debt. The building is 45.8% leased, although the receiver has reported active lease negotiations and interest from prospective tenants. Major accounting firm moves 200 employees to new downtown Hartford office Professional services firm Cohn- Reznick has moved approximately 200 employees to One Financial Plaza, also known as the Gold Building, in downtown Hartford. A rendering of Electric Boat's planned training and support-services campus at the former Crystal Mall in Waterford. Contributed Image Electric Boat breaks ground on new Waterford campus S ubmarine manufacturer Electric Boat has broken ground on a new training and support-services campus at the former Crystal Mall in Waterford, where it expects to begin training employees by year-end. The General Dynamics subsidiary is renovating the 814,000-square-foot property as it expands its workforce to meet growing submarine production demands. It expects to begin training employees there by year-end and have 4,000 to 5,000 workers on-site by mid-2027. The campus will house a training center with 73 welding booths, 40 classrooms, submarine mockups and virtual-re- ality labs. It will also accommodate accounting, procurement, technology and other support staff. The project comes as Electric Boat works to add 8,000 employees in Connecticut and Rhode Island by the end of 2026.

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