PROVIDENCE – Following the July 3 sale of 170 Westminster Street to a Pennsylvania-based investment group, a Providence firm, MPM Property Management LLC, has been hired to run the 106-year-old building.
Although FB Capital Partners’ purchase of the 12-story, 62,000-square-foot building is its first venture into New England, the firm has invested a total of more than $475 million in real estate, manufacturing, finance and business service concerns since 2003.
“Attracting new investment from outside firms is a testament to Providence’s strong real estate fundamentals and our ability to meet the needs of established and experienced investment firms,” said MPM President John Macliver in a statement.
Along with office space, the building’s first floor along Westminster and Dorrance streets is occupied by the Federal Reserve restaurant. According to The Warren Group, FB Capital Partners purchased the building for $6.55 million from Granoff Realty LP.
