Wesleyan University finalized the purchase of 55 High Street, located in Middletown, from Liberty Bank on February 18.
The university purchased the 44,315 sq.-ft. building for $3.1 million. The building, most recently served as one of Liberty Bank’s corporate office locations, was originally constructed in 1961 by Wesleyan University to house the “Weekly Reader” publication. The two-story structure sits on a 2.99-acre parcel of land with 132 parking spaces.
“Wesleyan University is pleased to work with our colleagues at Liberty Bank on this purchase. Fifty-five High Street is having a homecoming of sorts. Wesleyan owned the building through 1988 and after Liberty Bank’s careful stewardship of the property, we are excited to explore its future potential. We have not yet made any final decisions on the property’s final use, but the flexibility of the building’s design gives us many options and opportunities to consider,” said Andrew Y. Tanaka, Wesleyan University’s Senior Vice President, Chief Administrative Officer and Treasurer.
“For nearly 200 years both Liberty Bank and Wesleyan University have been strong community partners in making Middletown an even better place to live, work and visit. This is why we were pleased to find the most appropriate Middletown-based buyer and good neighbor in Wesleyan University who will have the best interests in mind when it comes to the future use of our former High Street office building,” said David W. Glidden, President & CEO of Liberty Bank.
The building has been largely vacant for the past year since Liberty Bank moved into Corporate Offices at 245 Long Hill Road.
For more information about Liberty Bank, visit www.liberty-bank.com.