Greg Bordonaro

A major tenant has backed out of a lease agreement to occupy more than 160,000 square feet in a new life sciences tower in downtown New Haven. Arvinas Inc. in a filing this week with the U.S. Securities and Exchange Commission disclosed it’s scrapping plans to occupy 163,784 square feet of space at 101 College St., a new 525,000-square-foot life sciences tower developed by Carter Winstanley. The clinical-stage biotech company, which is working on treatments for breast and prostate cancers, said it has agreed to pay the landlord a $41.5 million lease termination fee.

A Thomaston-based manufacturer that designs and builds oxygen generation equipment for the military has won a $41.4 million contract from the Navy. Treadwell Corp. has won a contract to produce up to 25 low-pressure electrolyzer production units for submarine life support service, according to the U.S. Department of Defense.  The technology essentially produces low-pressure oxygen for Navy personnel on underwater submarines. 

The Boys & Girls Clubs of Hartford has named Ron Hadorn to serve as the organization’s interim CEO.  Hadorn will lead the organization following the departure of former President and CEO Sam Gray Jr., who has been promoted to vice president for the Northeast Region for Boys & Girls Clubs of America.  He left the organization after 23 years of service. 

The Greater Hartford Arts Council’s Board of Directors put out a statement Monday afternoon saying it has terminated the employment of CEO Rev. Shelley Best effective immediately, following an internal investigation. The decision was reached after the investigation concluded that “Best’s actions were inconsistent with GHAC’s procedural policies, as well as code of conduct, culture and values,” according to the statement.

A bank that has been expanding its presence in Connecticut announced it has merged with a fellow New York bank in a $236 million deal that will grow its footprint in the western part of the Empire State. Norwich, New York-based NBT Bancorp Inc., parent company to NBT Bank, said it has agreed to merge with Evans Bancorp Inc. of Williamsville, New York. 

An East Hartford-based credit union that has been on a merger-and-acquisition spree has received state regulatory approval to move forward with its second deal of 2024. The state Department of Banking on Sept. 5 approved America’s First Network Credit Union’s plan to  absorb Greenwich-based Arnold Bakers Employee Federal Credit Union. Arnold Bakers is a tiny credit union founded in 1963 with 308 members and $1.7 million in assets, according to the National Credit Union Administration. It has one office at 10 Hamilton Ave., in Greenwich. 

Two well-known commercial real estate companies have announced a merger.  Hartford-based Sentry Commercial said it has merged with Commercial Development Co. in Orange.  Terms of the deal, which was completed Sept. 3, weren’t disclosed.  Sentry Commercial offers brokerage and advisory, property, construction and facilities management services. Commercial Development Co. focuses on property management in southern Connecticut. 

Connecticut’s economy grew at a slower pace in the second quarter than the rest of the nation, and ranked 30th overall, according to new data from the U.S. Bureau of Economic Analysis. Real GDP grew 2.8% in Connecticut in the second quarter, compared to 3% growth in the U.S.

Bloomfield-based aerospace manufacturer Kaman Corp., which was acquired by a private equity firm in April, has quietly installed a new senior leadership team. Ian Walsh, who was hired as Kaman’s CEO in 2020 and helped orchestrate the company’s sale to Arcline Investment Management, is out, and so are some of his top lieutenants. 

Despite having thousands of open positions, Connecticut’s manufacturing industry has struggled to add jobs this year, stunting the state’s economic growth prospects.