NU To Relocate Corporate Headquarters

BERLIN — Northeast Utilities (NYSE: NU) has announced plans to relocate its current corporate headquarters in Berlin to an existing office building in downtown Hartford. The company recently signed a purchase agreement for approximately 90,000 square feet of space located at 56 Prospect Street. The relocation is expected to occur over the next 10 to 12 months.

“We are excited to expand NU’s commitment to downtown Hartford by relocating our corporate headquarters,” said Charles W. Shivery, Northeast Utilities chairman, president, and chief executive officer. “With this building purchase, we have made a long-term commitment to Hartford and the state of Connecticut.

“The timing is right, as we were exploring constructing new office space on our Berlin campus to accommodate increasing business needs,” he added. “The opportunity to acquire an attractive property in downtown Hartford at a reasonable price in today’s market provided an ideal solution to our expansion plan. We expect that about 180 employees from the company’s executive offices, legal, financial, and other corporate functions will be relocated downtown.”

NU’s suburban campus, located at 107 Selden Street, will remain fully utilized by more than 1,200 employees from companies and businesses of the NU System. It will continue to be the headquarters of Connecticut Light & Power, Yankee Gas, and NU Transmission.

Governor M. Jodi Rell said, “This is great news on so many fronts. The continued growth of Northeast Utilities bodes well for the overall strength of Connecticut’s economy, and the relocation of NU’s corporate headquarters to Hartford adds new luster to our capital city. I am particularly pleased that this growth is not coming at the expense of the NU campus in Berlin, making it a win-win scenario for both cities.”

In addition, as part of the company’s continuous strategy to provide the region with reliable energy and sound solutions to customers’ growing energy needs, and improve the overall customer experience with all NU companies, it will locate a walk-in Customer Care Center at its new Hartford location, improving access for Connecticut Light & Power and Yankee Gas customers.

NU is purchasing the three-story office building from The Phoenix Companies, Inc, which has used the building for a subsidiary it plans to spin off this year.