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Feb. 10, 2014

Paolino Properties Buys Downtown Providence Trio for $64M

by Adriana Pop, Associate Editor

In a $64 million deal, Paolino Properties has purchased three downtown Providence properties from O’Connor Capital Partners of New York City. The acquisition includes the 20-story office tower at 100 Westminster St., the attached historic building at 30 Kennedy Plaza and the surface parking lot and historic facade at 110 Westminster St.

Located in the city’s financial district, 100 Westminster is a 350,000-square-foot postmodern office building that opened in 1984. Providence Equity Partners, Hinckley Allen & Snyder L.L.P., Nortek, Bank of America, the United States Attorney and Wells Fargo are among the property’s tenants.   

Paolino Properties plans to renovate the building’s ground floor, install an art gallery and open a new restaurant in the lobby. The company is also considering turning the 35,000-square-foot 30 Kennedy Plaza structure into a boutique hotel, while preserving the historic Providence National Bank Building facade at 110 Westminster.     

Andrew Lance of Gibson, Dunn & Crutcher’s New York City office brokered the acquisition on behalf of Paolino Properties, and Thomas V. Moses of Moses Afonso Ryan, Ltd. served as the company’s local counsel.

“Providence is my home, and I am so pleased to continue our family’s history of public service and private investment by acquiring one hundred percent interest in these landmark properties,” Joseph Paolino Jr., the company’s managing partner and the city’s mayor from 1984 to 1991, said in a statement. “I have long considered 100 Westminster Street to be the best office building in Providence and look forward to ensuring that it remains so.”

Bill Hatfield, Bank of America Rhode Island president and a 100 Westminster tenant, added: “This is great news for downtown Providence and the hundreds of Bank of America employees who work at 100 Westminster.  Joe’s vision for the heart of the Financial District encourages growth while maintaining a sense of history, something he has a deep appreciation for, given his local roots.”

Photo credit: www.loopnet.com

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