Building to be renovated delivering People’s United a more modern VT headquarters and residential apartments to the community. Left to right: Michael Seaver, Vermont Market President, People’s United Bank; Doug Nedde, Owner, Nedde Real Estate; Henry Hayes, SVP, Senior Commercial Real Estate Relationship Manager, People’s United Bank. Courtesy photo.
Vermont Business Magazine People's United Bank, NA, a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), announced today that it completed the sale of its Two Burlington Square location in Vermont on December 31, 2019, to Nedde Real Estate. People’s United Bank will continue to maintain its Vermont headquarters at this location, including a full-service branch, drive-up banking services and three floors of office space. This is the former Chittenden Bank headquarters on Bank Street. The deal was announced last August. Financial terms were not disclosed.
Nedde Real Estate will lead an extensive renovation of the property to ensure it is environmentally efficient and optimized to meet the current and future needs of Burlington, its residents and local customers of People’s United Bank. A portion of the building will be developed into approximately 50 affordable and market-rate apartments.
“We are pleased to have worked with Nedde Real Estate to complete the sale of the downtown Burlington location, and we look forward to the next several months as we finalize renovation plans,” said Michael Seaver, Vermont Market President, People’s United Bank. “This sale allows us to better utilize the space we have, maintain our presence in Burlington, continue to serve our customers and support plans to develop much needed housing in the downtown core.”
“The project design is now final, permits have been issued and we plan to start construction in Spring 2020,” said Doug Nedde, Owner of Nedde Real Estate.
Built in 1970, the 95,000 square-foot building is located at the corner of Bank and Pine Street and contains five floors of office space. Chittenden Bank was acquired by People's in 2007.
About People’s United Bank
People’s United Bank, N.A. is a subsidiary of People’s United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $52 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.
About Nedde Real Estate
Nedde Real Estate, is a Burlington based full-service real estate firm specializing in acquisitions, development and brokerage of Vermont commercial real estate. Grounded in over 28 years of dedicated experience in these fields, Nedde Real Estate was founded by Doug Nedde. Throughout his career, Nedde has acquired and developed over two million square feet of commercial and residential properties.
Google Maps image of Two Burlington Square
Source: BURLINGTON, VT - People's United Bank, 1.8.2020