CohnReznick Consolidates into Hartford Space

HARTFORD, CT—Accounting and consulting powerhouse CohnReznick is consolidating from two separate locations and expanding its Connecticut presence with a 50,000-square-foot lease on the top two floors of the Metro Center office tower here. Helping to pave the way for the move was a $1.2-million loan from the state's Department of Economic and Community Development.

“CohnReznick is a nationally recognized accounting and consulting firm and a leader in the professional services sector, which accounts for more than 90,000 good-paying jobs in Connecticut,” says Connecticut Gov. Dannel Malloy. He says the firm's decision to expand in the Nutmeg State means “more of these jobs for our residents. It's a major investment in this critical industry, one that will encourage other employers to follow suit.”

The 10-year DECD loan to CohnReznick carries an interest rate of 2%, with principal payments deferred for the first five years. The company may receive a loan principal forgiveness credit of $600,000 if it meets its commitment to retain its 196-person workforce and create 40 new fulltime jobs within four years. 

CohnReznick currently has Connecticut offices in Glastonbury and Farmington, the result of a series of mergers. “Consolidating the staff from our Farmington and Glastonbury offices has been our goal for some time,” says Frank Longobardi, regional managing partner—New England for CohnReznick. “The funding from the State will assist us in the renovations of the Metro Center site, creating workspaces that will allow for greater collaboration and efficiencies among our staff and afford us space to create new jobs in Hartford.”

Including DECD funding, CohnReznick's total project investment is $4.5 million to refurbish space at the Metro Center, make leasehold improvements and purchase office furniture, fixtures and equipment. The firm is also considering relocating employees from its other New England offices to Hartford.

The 12-story, 296,000-square-foot Metro Center was acquired a year ago by the Fremont Group, based in West Hartford. Locally, the company also owns the Hartford Family Court building at 90 Washington St.