Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

June 24, 2024 Deal Watch

Ad agency CEO buys Glastonbury office building for $2.65M; will relocate company

PHOTO | COSTAR 300 Winding Brook Drive, Glastonbury.
By Greg Bordonaro

The CEO of one of the region’s largest marketing and advertising firms has purchased a Glastonbury office building, where he will relocate his company.

A limited liability company controlled by Cronin Chairman and CEO Mark Demuro has paid $2.65 million for a 30,000-square-foot office building at 300 Winding Brook Drive, according to Michael Guidicelli, a broker with Regions Commercial LLC who brokered the deal on behalf of the buyer.

Cronin for the last 30 years has been located at another Glastonbury office building (50 Nye Road), where it has leased about 19,000 square feet of space. That building was purchased by the town of Glastonbury in 2023 for $3.15 million, and the board of education will be taking over space there, Guidicelli said.

The town last year also purchased nearby 55 Nye Road, which is being knocked down to make way for a new affordable housing development.

Cronin will occupy about 10,000 square feet at 300 Winding Brook Drive, which was built in 1983 and sits on 3.93 acres, Guidicelli said. As of the fourth quarter of 2023, Cronin reported 40 employees in Connecticut and $74.2 million in gross billings, according to Hartford Business Journal’s Book of Lists.

The Winding Brook Drive building was sold by WB Partners LLC, which is controlled by Robert W. Fiondella, who is the former CEO and chairman of life insurer Phoenix Cos., which was acquired by Nassau Financial Group in 2016.

Fiondella’s son, Jeff Fiondella, is a founding partner at Glastonbury accounting firm FML, which is the anchor tenant at 300 Winding Brook and will remain in the building on a long-term lease, Guidicelli said.

The building last traded hands in 2005 for $2.3 million, town records show.

Once Cronin moves to its new home, around Aug. 1, the building will be 100% occupied, Guidicelli said. Besides FML and Cronin, other tenants include Solinsky EyeCare and a physical therapist.

Farmington-based JRI Advisors represented the seller in the deal.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF