Paolino Properties buys Hasbro office building in East Providence

EAST PROVIDENCE – Paolino Properties has purchased a 123,000-square-foot building that houses Hasbro Inc.’s research and development, and administrative and data offices.

Providence-based Paolino Properties, led by Joseph R. Paolino Jr., recently acquired the building at 200 Narragansett Park Drive from Conhas I & II LLC for $10.5 million.

Hasbro will continue to occupy the building; more than 400 employees are based there.

“We are committed to supporting the continued growth of Rhode Island’s economy and providing high-quality space for corporations and their employees,” developer Joseph R. Paolino Jr. said in a statement. “The acquisition also aligns with our objective to grow and diversify the Paolino portfolio.”

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Hasbro joins other Class A tenants in Paolino Properties including: Providence Equity Partners LLC, Bank of America Corp., Citizen’s Bank, Webster Bank and the Hinckley Allen & Snyder LLP.

Founded in 1900, Paolino Properties oversees more than 1 million square feet of commercial office property, multiple parking facilities, multifamily units and 1 million square feet of retail space in Providence, Cranston, Barrington, East Providence and the Plainfield Pike area.

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