Phoenix Completes Sale of 56 Prospect Street to Northeast Utilities

The Phoenix Companies, Inc. (NYSE: PNX) announced today that it completed the sale of 56 Prospect Street to Northeast Utilities (NYSE: NU) for approximately $8.7 million.

As previously announced, Northeast Utilities will relocate its headquarters to the 90,000 square foot building in downtown Hartford. Northeast Utilities expects to occupy the building by mid-year 2009.

Phoenix had used the building for its asset management subsidiary, Virtus Investment Partners, Inc., which is in the process of being spun off as an independent, publicly traded company. Virtus relocated earlier this month to 100 Pearl Street in Hartford.

“This sale marks an important milestone for Phoenix as we establish our post spin-off operations. We also look forward to having NU as a neighbor,” said Dona D. Young, Phoenix’s chairman, president and chief executive officer.

"We're pleased to take ownership of the landmark 56 Prospect Street property and begin our transition to our new corporate headquarters," said Charles W. Shivery, Northeast Utilities chairman, president and chief executive officer. "With this building acquisition, we have made a long-term commitment to downtown Hartford and the state of Connecticut."

Phoenix was represented in the transaction by the Hartford office of CB Richard Ellis.

About The Phoenix Companies, Inc.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps its customers find straightforward solutions to often highly complex personal financial and business planning needs through life insurance and annuities. Phoenix’s products are available through a wide variety of third-party financial professionals and intermediaries, supported by the company’s wholesalers and financial planning specialists. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit www.phoenixwm.com.

About Northeast Utilities

Northeast Utilities (NYSE: NU), a Fortune 500 energy company based in Connecticut, operates New England’s largest energy delivery system. NU is committed to safety, reliability, environmental leadership and stewardship, and expanding energy options for its more than 2 million electricity and natural gas customers. For more information on Northeast Utilities and its subsidiaries, visit the NU family of Web sites at www.nu.com.