Two insurance companies have signed new leases totaling 28,000 square feet at the former Aetna building at 175 Addison Road in Windsor, boosting occupancy at the roughly 600,000-square-foot property to about 40%.
The former Addison Corporate Center — now rebranded as The Hub — was purchased in mid-2023 for $9 million by partners Bradford Wainman, of Glastonbury-based commercial real estate investment firm Hollister & Moore LLC, and Steven Inglese of the New Haven Group.
Since acquiring the property, the owners have invested “well over” $1 million in upgrades, including renovations to common areas such as a fitness center, cafeteria and a 24-hour market, Inglese said.
“We are getting good leasing activity right now,” Inglese said. “I think a lot of that was because we invested in our common areas in a big renovation project last year.”
The ownership team has also brought a Regus location to the property. In November and December, insurer Symetra and The Hanover Insurance Group signed leases for 15,000 square feet and 13,000 square feet, respectively, Inglese confirmed. Hanover is expected to occupy its space this spring following completion of a fit-out, while Symetra is scheduled to move in late this summer.
Tenants at The Hub have access to a 200-person conference facility with breakout rooms. The 78-acre campus includes a 200,000-square-foot office tower, 400,000 square feet of manufacturing and flex space and 2,200 parking spaces.
Inglese said the industrial portion of the property has drawn strong interest in part because of its 10-megawatt on-site power plant and redundant power systems.
“The fact we can’t go down is a major benefit,” Inglese said.
While acknowledging ongoing challenges in the office market, Inglese said the building’s low acquisition cost allows ownership to offer competitive rental rates. He expects the property to reach 90% occupancy within 18 months if leasing momentum continues.
Inglese added that recent upgrades have been well received by workers, whom tenants are increasingly requiring to spend more time in the office.
The owners have also received approval to develop two 150,000-square-foot industrial buildings on the property, with ceiling heights of up to 36 feet. Construction will begin after tenants are secured.
Marketing for the proposed buildings began in December under Joel Grieco and Damon Bowers of Cushman & Wakefield.
