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February 22, 2024 Deal Watch

Guilford Savings Bank buys Edible Arrangements’ former Wallingford HQ; new operations center planned

CoStar Guilford Savings Bank is opening a new operations center at this Wallingford office building, at 95 Barnes Road.

Guilford Savings Bank has purchased a Wallingford office building with plans to open an operations center.

The bank bought the 34,500-square-foot building at 95 Barnes Road for $3.46 million from 95 Barnes LLC and BroadPeak Properties LLC, in a deal recorded Feb. 8, according to town land records.

The building had been Edible Arrangements’ regional headquarters until the company relocated to Atlanta.The building will now become an operations center where Guilford Savings Bank employees who are working in branches, satellite offices or remotely can come together in one location, said Renee Pallenberg, executive vice president and director of marketing.

The new center “will support continued growth for the bank throughout Connecticut,” Pallenberg said, as Guilford Savings brings more hybrid workers back to the office to enhance “employee engagement.”

The new center should be operational by year-end after some building renovations, she said. The number of employees that will work in the building is not yet determined, bank officials said.

The bank’s headquarters will remain in Guilford, at 1 Park St. The bank has several branches along the shoreline but clients and employees statewide, Pallenberg said.

Guilford Savings reported $1.1 billion in assets and 141 employees at the end of the third quarter of 2023, according to Federal Deposit Insurance Corp. data. It has eight branches in New Haven and Middlesex counties. 

There are no immediate plans to open new branch locations, she said.

Nancy Nesbitt, executive vice president and chief operating officer of AccuBranch, a sister company of East Hartford real estate firm Goman+York, was the buyer’s broker.

She said Guilford Savings leadership chose Wallingford for its central location, and that the bank plans to occupy most of the building, but may sublease some smaller spaces. 

Jennifer R. Gosselin, of CBRE, was the seller’s broker.

The property, built in 1986, had been a bank building before it was bought by Edible Arrangements.

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