First Niagara Finances Renovation of Silas Deane Professional Center

Date Posted: June 06, 2014

New Haven, Conn. – May 28, 2014 – First Niagara Financial Group (Nasdaq: FNFG) today announced it has closed $4.85 million in permanent loan financing in support of award-winning renovations to an 89,000 square foot office building on the Silas Deane Highway in Wethersfield. The development, to be known as the Silas Deane Professional Center, is being managed by Diversified Unlimited LLC.

Located just a quarter-mile off Interstate 91, the Silas Deane Professional Center is a four-story office building with more than 84,000 square feet of rentable space. Property managers worked with Connecticut Light & Power to complete several energy-saving upgrades to the building, including the installation of a heat-repelling white roof, new high-efficiency boilers and eco-friendly carpet tiles. The group received an Energize Connecticut program incentive to help with the cost of the upgrades, which will cut back annual energy costs and usage.  

Additional enhancements to the lobby areas, elevators, windows and exterior landscaping were also completed.  In 2013, The Wethersfield Chamber of Commerce awarded Diversified Unlimited’s Managing Member Joe Moruzzi with a Town Beautification Award for upgrades to the building.

“This project provides a totally upgraded office environment for hundreds of people who will be working at the Silas Deane Professional Center and contributing to the local Wethersfield economy,” said Jeanneen Griffin, First Niagara New England Commercial Real Estate Team Leader. “First Niagara is pleased to partner on this latest project with Joe and his team, who are highly regarded within the commercial real estate community.”

“I was confident from the start that First Niagara would be the right bank for this project,” said Moruzzi. “I have a great rapport with the bank and Al Clemente, who managed the financing. Al takes the time to study our needs for each specific deal and always ensures a smooth process. I am very pleased with the end result.”

The Silas Deane Professional Center has already signed leases for seven tenants bringing in more than 300 employees. 16,000 square feet of vacant office space is still available. Anyone interested in this space should contact Jay Morris or Bob Gaucher at OR&L Commercial at 860-721-0033.

About First Niagara

First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 410 branches, $38 billion in assets, $28 billion in deposits, and approximately 5,800 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. 



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