From Hartford Business Journal:
Windsor Federal Bank recently paid $5.5 million for a 32,532-square-foot office building in its hometown, claiming ownership of space it has leased for years to house its back-office operations.
The bank occupies about 60% of the building at 995 Day Hill Road, where 65 of its 110 employees work, including staff in finance, marketing, commercial lending, loan servicing and operations.
Windsor Federal acquired the 1988-vintage office building on July 17 from Litchfield developer Mark Greenberg. The deal followed years of on-and-off negotiations.
Luke Kettles, president and CEO of the $882.1 million-asset bank, said Windsor Federal has invested heavily in interior buildout and technology to tailor the space to its needs. Buying the property helps protect that investment while eliminating lease payments, he said.
Click to read the full article: Windsor Federal buys longtime offices for $5.5M as seller funds redevelopment