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4 Hartford Business Journal • July 20, 2015 www.HartfordBusiness.com w w w. H a r t f o r d B u s i n e s s . c o m (860) 236-9998 E D I T O R I A L Greg Bordonaro Editor, ext. 139 gbordonaro@HartfordBusiness.com Brad Kane Managing Editor, ext. 127 bkane@HartfordBusiness.com Gregory Seay News Editor, ext. 144 gseay@HartfordBusiness.com Matt Pilon Digital Producer/Reporter, ext. 143 mpilon@HartfordBusiness.com John Stearns Staff Writer, ext. 145 jstearns@HartfordBusiness.com Roger Magnus Research Director Heide Martin Research Assistant B U S I N E S S Joe Zwiebel President and Publisher, ext. 132 jzwiebel@HartfordBusiness.com Donna Collins Associate Publisher, ext. 121 dcollins@HartfordBusiness.com Jessica Baker Office Manager, ext. 122 jbaker@HartfordBusiness.com Amy Orsini Events Manager, ext. 134 aorsini@HartfordBusiness.com Christian J. 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To subscribe, visit HartfordBusiness.com, email hartfordbusiness@cambey- west.com, or call (845) 267-3008. Advertising: For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 15 Lewis Street, Suite 200, Hart ford CT 06103. News Department: If you have a news item: Call us at (860) 236-9998, fax us at (860) 570-2493, or e-mail us at editorial@HartfordBusiness.com Hartford Business Journal accepts no responsibility for unsolicited manuscripts or materials and in general does not return them to the sender. Hartford Business Journal (ISSN 1083-5245) is published weekly, 53 x per year including three special issues — one in September, one in November and one in December — by New England Business Media LLC, 15 Lewis Street, Suite 200, Hartford CT 06103. Periodicals postage paid at Hartford, CT. Tel: (860) 236-9998 • Fax (860) 570-2493 Copyright 2015. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O. Box 330, Congers, NY 10920-9894 www.copyright.com ENERGY EFFICIENCY MEANS BUSINESS. Energize Connecticut — Programs are funded by a charge on customer energy bills. Get up to speed on the latest Energize Connecticut efficiency solutions for businesses. As a facilities manager, you know your property owner doesn't look to you to just manage their building. They rely on you to help them make smart decisions that make the most of their budgets. Making energy efficiency a priority will help you maximize energy cost savings, building performance, comfort and indoor air quality. Whether you're managing a large-scale office complex or running a small neighborhood coffee shop, Energize Connecticut and Eversource can get you up to speed on the latest efficiency solutions and incentives. Energize Connecticut wants to help you make smart energy choices. We can guide you to the incentive and rebate solutions that fit your projects and can offset your equipment costs. From upgrading existing equipment to building and outfitting brand-new state-of-the-art facilities, energy-saving solutions not only save you money up front, they also boost your bottom line by reducing operating costs for years to come. Contractors—Learn about the latest energy-efficient technologies and building practices to help your clients make the most of their budgets. Find the latest energy efficiency solutions by calling 877-WISE-USE or visiting EnergizeCT.com/businesses PUBLICATION Jr Page LIVE – TRIM 7.4375 x 9.625 BLEED – TBD 23977-15_ECT-320732 CT Green Guide Ad V2ƒ.indd 1 4/13/15 7:30 PM area are selling for a discount, making them attractive to owner-operators like Sweeny of Winding Brook Capital. Sweeny said he and Connelly almost bought another newer, larger office building in Glastonbury, but balked at its price. In Southington, AmTrust Financial paid $2.3 million for the 400 Executive Blvd. office building from The Hartford, to house New York-based AmTrust's regional business- insurance and claims operations, said Jona- than Putnam, executive vice president and broker with Cushman & Wakefield in Hart- ford. A few years earlier, information-tech- nology provider COCC dropped $1.56 million on an adjacent office building in the same business park. The common element shared by those and other buildings users covet is that they often are in excellent condition, or need very little attention and investment, to get them there, Putnam said. "It's more a sign of opportunity,'' he said of the buying spree. "These buildings are avail- able at an opportune price.'' Not all users are looking for office space. This spring, Boston electrical wire-cable distributor The Arthur J. Hurley Co. paid $1.5 million for a 52,214-square-foot East Hartford industrial building that, after remodeling, will open this fall as its regional parts depot, employing up to 20. All of these commercial real estate sales and purchases are providing a windfall to Connecticut's cash-strapped coffers. The state tax collector and individual municipali- ties in which properties are located get a cut of each sale of residential and commercial property as real estate conveyance taxes. Connecticut's share of those levies climbed through the first four months of this year to $121.6 million, compared to $121.2 million in conveyance fees collected the same January- April period in 2014, state Department of Rev- enue Services data shows. A Connecticut native, Sweeny noted the timing of his realty purchase came just as state lawmakers were deliberating and even- tually passed a budget that raised taxes on businesses and individuals. He insists he and his business partner don't regret doing the deal, but they do harbor some concerns. "I wouldn't call it that,'' he said of "buyer's remorse.'' However, he noted that they over- see $8.5 billion in assets for individuals and third-party wealth managers in offices out- side Connecticut, each of which could easily one day be home to Winding Brook/Apella. "We could pack up this show and move it anywhere we want,'' Sweeny said. n Users