Hartford Business Journal

4 Hartford Business Journal • May 28, 2018 • www.HartfordBusiness.com Week in Review Briefs CRDA halts XL Center eminent domain threat The head of the Capital Region Development Authority says he is postponing plans to seek eminent domain authority to take over a key portion of XL Center's atrium and adjoining retail/office space currently owned by Northland Investment Corp. CRDA Executive Director Michael Freimuth said he plans to first meet with Senate Republicans and members of Hartford's state legislative delegation before he asks his board of directors for eminent domain authority. Freimuth said he was seeking that legal avenue after several failed attempts to purchase the space, known as the "Trumbull Block," from Northland. However, a group of Republican state senators raised concerns about the potential move and wants more information on the steps the quasi- public agency has taken to purchase the property, including copies of any appraisals. Northland Principal Larry Gottesdiener blasted CRDA's attempts to pursue eminent domain, saying it should be a last resort. United Bank widening its New England turf Hartford community lender United Bank is buying six New England branches run by Waterbury super-regional lender Webster Bank, deepening its push into Connecticut's shoreline markets as well as Massachusetts and Rhode Island. United said the tentative deal covers six Webster offices in those three states, with a combined $120 million in deposits that it will assume. If regulators approve, the branch purchases are set to close this fall, United said. Financial and other terms were not disclosed. Anthem's Wallingford HQ for sale The troubled two-story Wallingford office building housing insurer Anthem Health and engineering firm Burns & McDonnell is on the market with the asking price withheld, brokers say. Cushman & Wakefield announced its exclusive listing for the 288,000-square- foot Campus at Greenhill on 104 acres at 108 Leigus Road. As previously reported, New York commercial-realty debt tracker Trepp LLC declared in March that the building and the $24.5 million mortgage securing it had been in receivership since last September and was headed to foreclosure. Swiss banking giant UBS was Greenhill's lender. As of 2014, Greenhill was valued at $34.4 million, Trepp said. Anthem is Greenhill's lead tenant, occupying some three quarters of its office space, with engineering firm Burns & McDonnell a tenant in about 12 percent of its square footage, according to Trepp data. 17 CT companies on Fortune 500 list for 2018 Seventeen Connecticut companies were selected on Fortune Magazine's 2018 Fortune 500 list as four remained in the top 100. Hartford health insurer Aetna, with total revenue of $60.5 billion, ranked in the state's top spot despite dropping six positions from last year's list to No. 49. Meanwhile, Farmington industrial conglomerate United Technologies Corp. again ranked in the second spot in Connecticut and No. 51 on the list with revenue of $59.8 billion. Bloomfield health insurer Cigna saw its ranking drop by three spots to No. 73 with revenue of $41.6 billion. All three companies are in the process of major mergers or acquisitions. Chicago CPA firm expands CT presence in Farmington A Chicago accounting firm, which houses offices in West Hartford and Norwalk, has acquired a Farmington- based business advisory firm. UHY Advisors and UHY LLP (UHY), a CPA firm, purchased Farmington's Del Conte, Hyde, Annello & Schuch P.C. at 6 Executive Dr., which began operating under the UHY banner on May 1. Financial terms were not disclosed. In 2016, UHY acquired professional services firm Pratesi, Salemi & Company LLC in West Hartford. TOP STORY UTC will spend $90B, hire 35K by '22 T he Farmington parent of Pratt & Whitney, Carrier, Otis Elevator and United Technologies Aerospace Systems says recent federal tax reform will unleash enough of its capital to hire 35,000 workers — including thousands in Connecticut — and to invest more than $15 billion in the U.S. in the next five years. In addition, United Technologies Corp. CEO and Chairman Greg Hayes said its divisions will pump $75 billion into U.S. communities by 2022 through purchases of goods and services. But equally vital, Hayes said, is that UTC and its subsidiaries must identify, train and access a wider pool of skilled talent to design, make and market its portfolio of jet engines and aerospace systems and components, air heater/chillers and elevators. To that end, U.S. Small Business Administration chief Linda McMahon was on hand at Pratt's East Hartford campus to announce a skills-training partnership with UTC aimed at helping its thousands of suppliers in and outside Connecticut find and develop skilled workers. According to UTC, it employs more than 18,000 Connecticut workers and it spends $2 billion annually with 3,000 in-state suppliers. It said it has added 3,000 in-state workers in the past three years. BY THE NUMBERS 17 The number of Connecticut-based companies on the Fortune 500 list this year, led by Aetna at No. 49. 6 The number of New England branch- es United Bank is buying from Web- ster Bank. 35,000 The number of people United Tech- nologies Corp. plans to hire over the next five years. 45% The percentage of U.S. tax filers — or just under 79 million households — that are likely to have zero federal income tax liability this year, accord- ing to the Tax Policy Center. TOP 5 MOST READ On HartfordBusiness.com • 1. Anthem's Wallingford HQ for sale • 2. CRDA seeks eminent domain powers to acquire key XL Center block • 3. W. Hfd.'s Corbin Collection valued at $52M • 4. UConn's Herbst stepping aside in '19 • 5. UTC will spend $90B, hire 35K by '22 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-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe UTC Chairman and CEO Greg Hayes at a press conference in East Hartford announcing his company's plans to hire tens of thousands of new workers. PHOTO | CONTRIBUTED

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