Hartford Business Journal

www.HartfordBusiness.com August 3, 2015 • Hartford Business Journal 7 WHAT'S AHEAD: ■ 8/10 Focus: Startups and Entrepreneurs ■ The List: Wealth Managers or Investment Brokers ■ Nonprofit Profile: Real Art Ways CALENDAR WEDNESDAY, AUG. 12 MetroHartford Rising Star Breakfast The MetroHartford Alliance's August Rising Star breakfast will feature a wide-ranging conversation exploring the choices of the ALICE report, which was produced last year by United Way to shed light on the income gap in Connecticut. The event, which runs from 7:30-9 a.m. at the Marriott Hartford Downtown, 200 Columbus Blvd., will be emceed by Today Show co-anchor Erica Hill. The ALICE report is a study of working poverty in six states, including Connecticut, that covers 25 percent of the U.S. population. In Connecticut, one of the wealthiest states in the nation, one out of three households can't afford basic necessities. Cost to attend is $20 for members and nonmembers. For more information or to register go to: https:// metrohartfordalliancectassoc.wliinc34.com//events F O R A C O M P L E T E L I S T O F G R E A T E R H A R T F O R D B U S I N E S S E V E N T S , G O T O W W W . H A R T F O R D B U S I N E S S . C O M A N D C L I C K O N ' C A L E N D A R . ' A L L C A L E N D A R I T E M S M U S T B E S U B M I T T E D E L E C T R O N I C A L L Y V I A O U R W E B S I T E , H A R T F O R D B U S I N E S S . C O M . REAL ESTATE 100 Pearl's seller buying The Hartford's campus The New Jersey landlord that last spring sold off its downtown Hartford skyscraper is back, this time with a tentative offer for The Hartford's 172-acre Simsbury campus and anchor office building. Neither spokesmen for The Silverman Group nor The Hartford would say after the July 24 announcement what price or other terms were offered. A deal, they say, is set to close sometime in the fourth quarter. The Hartford's property is at 200 Hopmeadow St. "We have worked for a year to acquire this property and are excit- ed to become a part of Simsbury's growth and future development," said Silverman President Blake Silverman. "We consider the property to be a tremendous redevelopment opportunity for our company and the town of Simsbury as well as the greater Hartford area." Silverman Group will use the town's reapproved "form-based code'' for the property to redevelop it. Form-based code lays out all the specifications and restrictions for redeveloping a particular parcel, saving the developer time, money and headaches in peti- tioning the town to approve individual aspects of a project. In March, Silverman Group sold the blue glass-sheathed, 17-story 100 Pearl St. tower to Shelbourne Global Solutions LLC, also owners of downtown Hartford's "Stilts Building,'' for $36.85 million, five years after paying a reported $18 million to acquire it. MANUFACTURING Anti-dumping investigation leads to STR plant closure Enfield solar parts manufacturer STR Holdings Inc. said last week that it will close its Malaysia facility, as a newly launched investigation by the European Commission that may result on anti-dumping duties on STR's products. STR, which is majority owned by China-based Zhenfa Energy Group, will close the Malaysia encapsulant production facility on Aug. 2. The company will continue to operate its Spain and Chi- nese facilities. It closed its East Windsor facility in 2013. The Malaysia closure is the result of the European Commission investigation of anti-dumping, which is a term for selling export products below market value. The commission is investigating solar cells and modules consigned from China and assembled in Malaysia and Taiwan, according to the STR board of directors. The board cited other factors as well, including underutilization of the plant and a new Malaysian taxes on STR products. STR is working to sell its Malaysian real estate, which is valued at $8 million. The company expects to incur up to $1.5 million in severance and other exit costs this year but anticipates the clo- sure will result in $2.4 million in annual savings. UTC Building CEO to retire United Technologies Corp. said the CEO of its UTC Building & Industrial Systems subsidiary will retire at the start of next year. Geraud Darnis will cap 32 years with the aerospace manufac- turer when he retires in January. He has headed the Farmington- based UTC Building since 2013 and was previously president of UTC's Climate, Controls & Security business, and of Carrier Corp. He started with UTC subsidiary Otis in 1983. In its announcement Monday, UTC did not name a successor for Darnis, who earned $6.7 million in direct compensation in 2014, according to a U.S. Securities and Exchange Commission filing. Erica Hill SUCCE SS I S 1% I N S PI RATION, 99% KNOWI NG WHO TO AS K. What good is having an idea if you can't make it a reality? Marcum has the experience across dozens of industries to be your resource when it's time for action. That's why when can-do people need things done, they ask Marcum. marcumllp.com/hbj The Hartford Financial Services Group first announced in February 2013 that it would put its Simsbury campus up for sale. P H O T O | H B J F I L E

• Cover