Press Release: Aetna Property Redevelopment Plan

Mayor Announces Plans for Redevelopment of Aetna Location

Tuesday, October 11, 2011

Mayor Announces Plans for Redevelopment of Aetna Location

Commercial Broker Hired to Market Property

Middletown, Connecticut: Mayor Sebastian N. Giuliano and Aetna announced today that Aetna has retained Cushman & Wakefield as the exclusive commercial broker for the former Aetna location in Westfield. The Mayor stated that over the past 2 years, the City, the Middlesex County Chamber of Commerce and Aetna have been strategizing and planning on the redevelopment of the 250 acre site at 1000 Middle Street.

Giuliano noted that the city will be working closely with Aetna, the Chamber and the State of Connecticut to find the ideal end use for the property. The site is a prime location for development; located in the center of the state, highway access and proximity to major northeast markets.

Larry McHugh, President of the Middlesex Chamber of Commerce stated, “I applaud Aetna for working so closely with the city and the Chamber to bring new jobs and investment to the site. The Middlesex Chamber is actively engaged in marketing the site and I have spoken with state leaders at the highest levels to make sure they are focused on this site.” Tom Handy, head of Aetna’s Real Estate Services, expressed that, “We (Aetna) continue to appreciate the collaboration that the Mayor, the Chamber and others have shown us throughout this process.”

Giuliano pointed out that Middletown’s Grand List, even without the Aetna building, is strong and diversified. He indicated that “the city must resist offers for less than ideal uses. We must have a long term perspective here, we can’t settle for less than ideal.”

Cushman & Wakefield is an international brokerage firm with over 13,000 worldwide employees, located in 231 offices throughout 58 countries. They have been charged with identifying the highest and best use of the site and marketing it to national and international companies and developers. The firm’s Executive Directors, Joel Grieco and Sean Duffy are spearheading the marketing effort and can answer questions relating to the offering.