GLASTONBURY: United Bank [United Financial Corp, NASDAQ: UNBK] is making a big deposit in downtown Hartford. William H. W. Crawford, IV, CEO is relocating the bank’s headquarters from Glastonbury to 68,000 square feet at Goodwin Square, 225 Asylum Street, in downtown.
The move will occur in the third quarter of this year and will bring 200 employees to the city. United Bank currently occupies 48,000 square feet of space at 45 Glastonbury Boulevard. Still under lease, the bank is seeking to sublet the space. Bank officials cited a very tight office market in town as one reason for the relocation.
In 2014, a merger with Rockville Bank brought the bank’s assets from $1.7 billion to $6.6 billion and the number of employees increased from 220 to more than 700.
The bank was represented by John McCormick of CB Richard Ellis in their relocation search.
|UB's CEO Crawford: "We see this as an opportunity to build upon our market share in Greater Hartford."
Along with the move, United Bank will receive a marketing boost too, as Goodwin Square's signature tenant it will receive extensive signage and branding visible in downtown Hartford and from I-84 and I-91. The bank is expecting to open a retail banking branch in downtown Hartford, as well.
Crawford, see’s the move as providing growth for the bank saying ”we see this as an opportunity to build upon our market share in Greater Hartford where we have the #4 deposit market share.”
The bank’s location is good news for a city that has been having trouble finding some lately. Hartford’s new Mayor Luke Bronin has been on a tour of the region’s suburbs asking for support at the state legislature for Hartford’s needs.
Bronin said of the move, "I'm thrilled that United Bank has chosen Hartford as the new home and [for] hundreds of employees," adding [the] announcement demonstrates that employers see the power and benefit of being in an urban center.”
Brian and Steve Kohn of Westport Capital Partners purchased the 30 story Goodwin Square in 2015 at auction for $17.5 million and the company is renovating its 330,000 square foot office tower. The Greenwich Hospitality Group purchased the Goodwin Hotel from Westport. The historic hotel has 114 rooms and 24 suites and has been closed since 2009, it is expected to reopen later this year.