PROVIDENCE – Brown University for the last six years has called a portion of South Street Landing within the city’s jewelry district as its own through a lease.
Now, the Ivy League institution officially owns that space.
Brown announced Wednesday that it has acquired the 136,000 square feet of workspace inside the former vacant power station the university has utilized since 2017 for $54 million from CV South Street Landing – a subsidiary of real estate investment trust Ventas. Brown says it closed the deal Tuesday, executing a purchase option built in the university’s original 15-year lease for the space.
Brown has occupied floors 3 through 6 inside South Street Landing since the former power station was redeveloped and houses 500 university administrative employees, Brown said.
This latest purchase, according to the university, adds to the $341 million in prior investments made by Brown within the jewelry district. Among them were the 2022
purchase of 10 parcels within the district by the university and
constructing the new life sciences building.
“Purchasing our space in South Street Landing – and optimizing it even further with an expanding number of employees assigned to the building who work hybrid schedules – will further enhance the neighborhood's vibrancy by boosting street-level activity,” Brown Executive Vice President for Planning and Policy Russell Carey said in a statement. “As we consider Brown’s investments and footprint in the Jewelry District, we continue to do so with city and state goals in mind, including significant promise for increased economic activity.”
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.