March 09, 2018
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Former Connecticut Water CEO In California Engineers Cross Country Takeover

CLINTON: The CT Water Service [Nasdaq: CTWS] is merging with San Jose based SJW Group, [NYSE: SJW, San Jose Water Company]. SJW’s CEO and chairman Eric W. Thornburg will be the CEO and chairman of the combined company.…
April 18, 2018
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Connecticut Innovations Funds 43 Companies in Final 2017 Quarter

ROCKY HILL: Connecticut Innovations (CI), Connecticut’s venture capital arm and what they say is the “leading source of financing and ongoing support for Connecticut’s innovative, growing companies”, invested $9.4 million…
April 18, 2018
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Connecticut Casino Revenue Well Up In March

LEDYARD: After years in the recession fueld dumps, Connecticut’s casino’s are seeing some bright lights and the state's’s coffers are feeling the love as well. Revenue from slots were up significantly at Foxwoods Resort…
April 10, 2018
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New Haven Biotech Arvinas Raises $55 Million To Advance Cancer Drugs

NEW HAVEN: The privately owned and venture financed Arvinas LLC, has raised $55 million Series C financing for development of drugs to address prostate and breast cancers. The financing was led by new investor Nextech…

Fairfield County’s Commercial Real Estate Market “Stable” To Start 2018

Apr 20, 2018
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Factset's New Home at 45 Glover Avenue, Stamford STAMFORD: Although it was a turbulent first quarter for certain submarkets,…

Former Trump Estate Hits Market

Apr 10, 2018
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GREENWICH: A Waterfront estate formerly owned by President Donald Trump is on the market for $45 million. The property,…

Hartford HealthCare To Acquire Bridgeport’s St. Vincent's Medical Center

Apr 01, 2018
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BRIDGEPORT: St. Vincent’s Medical Center in Bridgeport and its parent Ascension Health have signed a non-binding letter of…

Bridgeport Concert Venue Design Revealed

Apr 01, 2018
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BRIDGEPORT: Torpedoes or lawsuits be dammed that is the plan of Bridgeport’s Mayor Joe Ganim, and concert amphitheater…

90's Era New Haven Developer Bob Mathews Indicted For EB 5 Visa "Scheme" (2)

Apr 01, 2018
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The estate of former New Haven Developer Bob Mathews, now under federal indictment. The home was priced for auction at $26.5…

Law Firm May Challenge Connecticut Water Takeover

Apr 01, 2018
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A Law firm is questioning SJW Group's takeover of Connecticut Water Service, engineerd by former CWS CEO and current SJW CEO…

Edible International To Open Second Headquarters in Atlanta, Names President (2)

Mar 03, 2018
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Christian Nahas has been appointed President of Edible Brands, and will work from the company's "second" headquarters in…

Fed Report Sides With Utilities, Scolds Environmental Group

Mar 03, 2018
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WASHINGTON: Eversource and Avantgrid [United Illuminating] have won a major battle in a against allegations by an…

Bio-tech Exec Charged With Embezzlement

Mar 03, 2018
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Artificial Cell Technologies Inc., CFO has been indicted for embezzlement from the company. NEW HAVEN: The chief financial…

Health

Quinnipiac Appoints Dean of Nursing School

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NORTH HAVEN : Lisa G. O’Connor of East Haddam has been appointed Dean, of the School of Nursing at Quinnipiac University, O’Connor had been associate…

Hartford HealthCare To Acquire Bridgeport’s St. Vincent's Medical Center

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BRIDGEPORT: St. Vincent’s Medical Center in Bridgeport and its parent Ascension Health have signed a non-binding letter of intent with Hartford…

Anti-Marijuana Organization Cites Potential Costs to Legalization

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HARTFORD: While Advocates for legalization of recreational use of Marijuana in Connecticut cite economic benefit to the state an anti-legalization…

Advocates for marijuana sales point to big economic boost

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By: Keith M. Phaneuf |ctmirror.org Advocates for legalizing recreational marijuana use in Connecticut — and taxing its sales — are hoping a holistic,…

Breaking down this year’s Access Health CT open enrollment

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By: MACKENZIE RIGG | ctmirror.org In all, 114,134 residents enrolled in private health insurance through the state’s health insurance exchange,…

Wallingford Medical Device Company Launches Product To Control Internal…

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WALINGFORD: Z-Medica, LLC, a developer of hemostatic devices, announced that QuikClot Control+® approved by the FDA in June of 2017 is now…

Children's Hospital Invests In Mass. Biotech

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HARTFORD: Connecticut Children's Medical Center has made an investment in a small Massachusetts based biotech company Biostage, Inc. [OTCQB:…

State Seeks More Medical Marijuana Sellers

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HARTFORD: US Attorney General Jeff Sessions may be trying to arrest the increase in marijuana sales in states across the country, but Connecticut is…

Chester Retirement Community Sold

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CHESTER: Chester Village West set on 55 acres with 105 cottages and apartments was purchased by Masonicare, based in Wallingford, the state’s largest…

ACA Mandate Gone, State Eyes Imposing Its Own

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By: Ana Radelat | ctmirror.com Washington – As Congress is about to vote on a tax overhaul that will gut the Affordable Care Act’s mandate that most…

Technology

Connecticut Innovations Funds 43 Companies in Final 2017 Quarter

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ROCKY HILL: Connecticut Innovations (CI), Connecticut’s venture capital arm and what they say is the “leading source of financing and ongoing support…

Fox Network Prevails Against Fairfield Video Search Company In Court

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FAIRFIELD: TVEyes, Inc. has lost in the United States Court of Appeals for the Second Circuit to Fox News Network, LLC, a decision preventing the…

OPINION: How Connecticut became the least likely innovation hub in the U.S.

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By Matthew McCooe, Connecticut Innovations Think back to where Connecticut was 20 years ago. A National Hockey League franchise had just left the…

New Crowdfunding and Crowdsourcing Ecosystem Helps Test Ideas, Hire…

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Logan: "Entrepreneurs can do more than offer rewards to backers." PLANTSVILLE: Two Connecticut entrepreneurs are taking on the crowd funding and…

Tech Company Hopes To Disrupt CT Real Estate Market

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FAIRFIELD: Connecticut has a new real estate company that is hoping that their expertise in software and digital marketing will allow them to disrupt…

New Haven's New Tech District Is Right Around The Corner

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By Mitchell Young NEW HAVEN: In December 2014, digital media entrepreneurs David Salinas and Peter Sena founders of Digital Surgeons a New Haven…

Nigerian National Pleads Guilty in E-Mail Scheme Defrauding Connecticut…

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NEW HAVEN: John H. Durham, United States Attorney for the District of Connecticut, and Patricia M. Ferrick, Special Agent in Charge of the New Haven…

Two Fast Growing Bank Service Companies Set Joint Marketing Plan

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Leaders in Core and Compliance Management Services Working Together to Expand the Deployment of the Unified Compliance Management Model in the…

Datto Founder Donates $50 Million to Alma Mater

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STAMFORD: Austin McChord, founder and CEO of Datto, one of Connecticut’s fastest growing tech companies has donated $50 million to the Rochester…

Glastonbury Financial Service Company Raises $6 Million From Strategic…

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GLASTONBURY: Payrailz, a digital payments company offering advanced bill payment and money transfer solutions to banks and credit unions, announces…

Real Estate & Construction

Centerbrook Architects - Two New Hires

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CENTERBROOK: Centerbrook Architects & Planners has hired René Brakels and Cassie Archer to the architectural staff. Brakels joins Centerbrook with a…

More Go Karts, Trampolines and Laser Tag

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ORANGE: A new entertainment complex is coming Orange, occupying a former big box rtailing location. Kevin Weirsman, broker and vice president of…

Middletown Apartment's Attract $62.5 Million Purchase

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MIDDLETOWN: Connecticut’s apartment market continues to attract strong interest among investors as another apartment portfolio brings in a large…

Aging “Affordable” Apartment Complex To Get Fresh Renovation

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St.John Tower, 1971 Rendering of Makeover, to "enhance the visual impact." STAMFORD: Quisenberry Arcari Malik, LLC (QA+M Architecture) of Farmington…

Webster Joins Flagship Building’s “Turnaround” In Downtown Stamford

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STAMFORD: Webster Bank has leased 25,000 square feet of office space at 200 Elm Street, .a class A office property located in downtown. Owned by…

Fairfield County’s Commercial Real Estate Market “Stable” To Start 2018

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Factset's New Home at 45 Glover Avenue, Stamford STAMFORD: Although it was a turbulent first quarter for certain submarkets, Fairfield County’s…

Former Trump Estate Hits Market

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GREENWICH: A Waterfront estate formerly owned by President Donald Trump is on the market for $45 million. The property, ‘commands” a 6-acre peninsula…

Cheshire Complex Has New Owner, Adding Solar

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CHESHIRE: Sky Management Services, LLC with offices in Philadelphia and New York, has purchased 611-617 West Johnson Avenue a four building flex…

Single-Family Home Price Rises 7.2 Percent in February

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BOSTON: Single-family home sales in Connecticut fell 3 percent in February compared to February 2017, while the median sale price spiked 7.2 percent,…

Library Design Is Set and Construction Is A Go

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HARTFORD: The city’s “long awaited” Park Street Public Library has a a new design presented by architects TSKP Studio of. Hartford. The two-story,…

Government

Mr. Smith Wants to Go to Hartford

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OPINION: By Mitchell Young Or does he? Webster Bank Chairman and former CEO James Smith said on April 6 he wants to be Connecticut’s next Governor,…

Joel Schiavone: New Haven What Road To Where

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Joel Schiavone in New Haven magazine's first profile in 2007, on the Chaple Street that he layed the foundation for. Perhaps more than any single…

90's Era New Haven Developer Bob Mathews Indicted For EB 5 Visa "Scheme"…

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The estate of former New Haven Developer Bob Mathews, now under federal indictment. The home was priced for auction at $26.5 million, but has been…

Bridgeport Concert Venue Design Revealed

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BRIDGEPORT: Torpedoes or lawsuits be dammed that is the plan of Bridgeport’s Mayor Joe Ganim, and concert amphitheater developers Howard Saffan and…

CT Lawmakers Explore Sports Betting Ahead of SCOTUS Decision

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By: Keith M. Phaneuf and Clarice Silber ctmirror.org HARTFORD: House Democratic leaders are preparing to enact legislation this spring to launch…

Anti-Marijuana Organization Cites Potential Costs to Legalization

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HARTFORD: While Advocates for legalization of recreational use of Marijuana in Connecticut cite economic benefit to the state an anti-legalization…

Advocates for marijuana sales point to big economic boost

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By: Keith M. Phaneuf |ctmirror.org Advocates for legalizing recreational marijuana use in Connecticut — and taxing its sales — are hoping a holistic,…

Fairness to Governor May Come At Expense of Business

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Hartford: Governor Dannel Malloy thinks the Federal government has been so good to business that a little more tax coming their way is just fine.…

matrix danburyBy Mitchell Young

DANBURY: GE’s sale of its sprawling campus to Sacred Heart University and the relocation of employees to Boston and Norwalk, appears to be part of a larger undercurrent of corporate management. Major companies revisiting how they structure their faclity needs is having a major impact on Fairfield County’s corporate real estate market. 

Making matters more difficult for two signature office buildings however, is the untimely death of the founder of the Matrix Realty Group.

Glen Nelson’s Matrix Realty Group of Port Jefferson, NY., bought Union Carbide’s former headquarters in Danbury in 2009 for $72 million, after Dow Chemical bought Union Carbide.

The architecturally unique complex spans 2.1 million square feet, and its 1.3 million square feet of office space is the largest of any building in Fairfield County. Designed by Kevin Roche, now 94 and the founder of Roche Dinkello in Hamden, it was completed in 1982 at a cost of $190 million.

The building sits on 5,000 concrete columns, its exterior faces surrounding forest, while the interior features a 2,500 space parking court, with many offices fronted right to the employe's office. Carbide had more than 3,000 employees in the building at one time. The orignal site of  646 acres has since been divided and developed with condos and other amenities.

Nelson, died just before his 49th birthday in an auto accident on December 22nd, 2015. Under Nelson, Matrix renamed and repurposed the complex for multiple tenants and a conference center. The property went from “white elephant” status and talk of being razed, to an unexpected success. In 2013 the property was refinanced with an $85 million loan, but only two years later, the tide began to turn.  Praxair which occupied 200,000 square feet announced it was purchasing GE Capital's former headquarters at 39 Ridgefield Road, in Danbury. Boehringer Ingeleheim, which at one point occupied 325,000 square feet announced it was consolidating Danbury operations and it too would be leaving the complex for a company owned building. Boehringer announced 120 layoffs this past December at its Ridgefield research center, bringing the total layoffs to nearly 300 for the year in Danbur, the company still employs approximately 2500 in the greater Danbury area.

Matrix reacted to the changing market in 2015 announcing potential plans for a major investment to convert the property for smaller companies and even to a “tech park”. Additionally they suggested they would reduce the overall commercial space available, possibly adding residences to the complex. That plan was cut short with Nelson's death.

Deutsch Bank the mortgage holder for the Matrix Center moved in January to foreclose on the property, declaring its $85 million loan  in default, the bank added however  that the process was a “friendly” action between the parties, and  expects the property to be sold or taken over by DB.

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Matrix Realty also owns the Matrix Corporate Center in Norwalk, at 535 Connecticut Avenue, which it purchased in 2014 for $13.5 million. The company has put a For Sale sign up on the170,000 square foot building. 

The property, visible from I-95 was previously home to the then booming University of Phoenix and is reportedly 70% occupied.  A recent listing shows a total of 18,500 square feet availalbe at a rate $23.50 per square foot. Crius Energy, which sells energy to consumers on the east coast recently moved into 45,000 square feet in the building. The State of Connecticut provided an $8 million low interest loan to Crius, to accommodate its move from Stamford and for the expansion. The package included a promise that Crius would increase  employment to 425 from its existing workforce of 200.