WOONSOCKET – CVS Health Corp. is vacating one of its office buildings on the outskirts of downtown Woonsocket amid the pharmacy giant’s ongoing efforts to optimize office space.
The company announced that it is closing the building located at 356 Clinton St. by the end of the month.
“We’ve taken several steps to streamline our office footprint and enhance our shared work experience by co-locating teams where possible and reducing excess office space at some of our properties,” said Michael DeAngelis, executive director of corporate communications at CVS. “This includes our decision to close our 356 Clinton Street office by the end of this month.”
DeAngelis said less than 90 people work at the location. Office employees will be relocated to the company’s nearby buildings in Highland Corporate Park, where CVS is headquartered.
“We regularly evaluate our real estate portfolio to ensure our corporate office space is effectively and efficiently positioned to support our business while also balancing costs,” DeAngelis said.
The 33,000-square-foot building comes with 125 parking spaces, according to the listing by Hayes & Sherry Ltd., a member of the Cushman & Wakefield alliance. The asking price for the property was not disclosed.
CVS Health Corp. recently implemented a flexible work policy, which reduced its need for office space. In its 2022 end-of-year financial report, CVS noted it had $117 million in “office real estate optimization charges,” which was related to its reduction of corporate office real estate space following the flexible work policy. The report said the company anticipated additional similar charges in 2023.
DeAngelis said the choice to close its Woonsocket building was mostly “about being efficient with our office space and co-locating teams where possible.”
Claudia Chiappa is a PBN staff writer. You may contact her at Chiappa@PBN.com.
