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workstage closes down


einsteinrig

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Yikes. I guess that means they're not moving downtown, like I thought. I feel awful for their employees.

What's worse is the story about the big client they were working with, Mortgage Lenders Network, which sounds like they went belly up (and laid off 1800 people in Connecticut in the process). Is that right that Workstage invested $50 Million into MLN? Or was MLN's new HQ $50 Million, and Workstage got left with the building, empty? Wow!

This is the last article I can find on that project:

http://www.myrecordjournal.com/site/tab1.c...92709&rfi=6

http://www.myrecordjournal.com/site/tab1.c...92709&rfi=6

Here's a profile of the project from 2006:

http://info.aia.org/aiarchitect/thisweek06/1222/1222d_pw.cfm

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Yikes. I guess that means they're not moving downtown, like I thought. I feel awful for their employees.

What's worse is the story about the big client they were working with, Mortgage Lenders Network, which sounds like they went belly up (and laid off 1800 people in Connecticut in the process). Is that right that Workstage invested $50 Million into MLN? Or was MLN's new HQ $50 Million, and Workstage got left with the building, empty? Wow!

Dad, the article says: Workstage invested more than $50 million in the Connecticut headquarters for MLN,

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I saw a model of the building in their lobby. It was BIG, it was really nice, and from they told me, it was basically "theirs" after MLN went down.

A shame. I'm a little surprised Steelcase would have closed them down with such a big push going on with green building in the Obama administration. If only they could have held on a little longer!

Joe

Yeah, it sounds like they acted as the developer of the project, and when MLN went bankrupt (vaporized actually), Workstage was left holding the bag, for almost two years now it sounds like. I don't know if that was what caused Workstage to close, but that coupled with a sharp drop in business probably made for a toxic recipe.
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