BOSTON – CBRE/New England last week announced the sale of Gateway Center at 15 Park Row West in Providence, stating in a news release that the property was sold to Albany Road Real Estate Partners for $13.225 million.
The 117,981-square-foot, Class A office building is the current home to tenants such as TIAA-CREF, the American Athletic Conference (the former Big East Conference), Admirals Bank and Andera. The building was 87 percent leased at time of sale. 15 Park Row West Holdings LLC previously owned the property.
CBRE/New England’s Alden Anderson, senior vice president/partner, and Bill Moylan, executive vice president/partner, represented the seller and procured the buyer in the transaction.
Completed in 1990, the Gateway Center is considered one of the premier, low-rise Class A buildings in downtown Providence. CBRE/New England said that recent capital improvements have exceeded $1.2 million and included a roof replacement, lobby renovation, electrical submetering and first- and second-floor demising. •