PROVIDENCE – Most companies are downsizing office space or getting rid of it altogether.
Not Bank Rhode Island, which recently announced plans to open a new headquarters within a mixed-use development on former Interstate 195 land. The 58,000-square-foot offices are nearly double the size of the bank’s current headquarters in the Turks Head Building, and company leaders say they intend to fill that space with more workers – both new hires and existing administrative employees currently scattered throughout retail branches.
Having employees in the office, working together, talking to each other, is an integral part of the company culture that has not been diminished by the pandemic, said Mark Meiklejohn, BankRI CEO and president. For most of the last two and a half years, 80 BankRI workers have been reporting to the Turks Head offices each day.
The new office space flanking the highway will make it easier for them, with built-in garage parking and a built-to-suit, modern design that BankRI, as the owner rather than tenant, has full control over, Meiklejohn said.
The parking was a “huge factor” in the decision to move since office workers currently have to fend for themselves in finding – and paying for – parking downtown, Meiklejohn said.
Under its agreement with developer D+P Real Estate Inc., BankRI will own only its portion of the $70 million project, which also includes retail, mixed-income apartments and parking. How much more BankRI will pay for its new, larger headquarters is unclear, but Meiklejohn framed the decision as a positive investment for the company and its commitment to the capital city.
“It’s only natural at this point in our evolution to establish our own presence and our own headquarters,” he said.
As for the I-195 land, it was the only option for the company, which researched a host of other buildings and properties in the city that were not large or modern enough to fit its growth plans, Meiklejohn said.
Meiklejohn is also turning the reins of the company over to William Tsonos, executive vice president of commercial lending, as Meiklejohn heads BankRI’s Boston-based parent company, Brookline Bancorp Inc.
The leadership change is slated for November, while construction on the new headquarters is expected to begin next summer.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
Nice job by the I-195 Commission. If you can’t attract new businesses to the I-195 Land, just shuffle old businesses from their existing locations to the vacant I-195 Land and make it “look like” you’re getting something accomplished. It’s all smoke and mirrors.