Anthony Marcello is the director of business development for The Foundry Associates in Providence. The family-owned real estate investment company specializes in multifamily and commercial space and owns properties that include The Foundry Offices and Promenade Apartments.
Marcello responded to questions posed by the Providence Business News this week about commercial leasing activity.
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PBN: What does The Foundry have available for commercial leasing?
MARCELLO: Right now, we have a wide variety of office spaces, ranging from a 331-square-foot single office all the way to 90,000-plus [square feet] in two adjacent buildings. We also have a handful of 2,500- to 10,000-square-foot spaces. One unique option we have is a free-standing building at 291 Promenade St. that is 29,600 square feet, with high ceilings, huge windows and views of the Woonasquatucket River.
PBN: Are these offices that have been renovated within the past 10 years?
MARCELLO: Many have been renovated more recently. We’ve been modernizing quite quickly. LED lights, modern carpeting and finishes, that sort of thing. We are currently updating some common areas and restrooms. We redid all the windows at 291 Promenade. We maintained the historic design, but they are operable; they open, which is very desirable.
PBN: In the COVID-19 pandemic, have you had tenants leave or are they staying put for the most part?
MARCELLO: We’ve been very fortunate. The only groups leaving were planning on leaving pre-pandemic. We haven’t seen a mass exodus, just typical turnover. Companies are happy here [and] have always maintained long tenancies. Our average tenancy is almost 20 years. In the last three weeks, we’ve seen a huge number of calls for office space.
PBN: Are some companies asking about smaller spaces because they plan to have some of the workforce remaining at home?
MARCELLO: We haven’t seen too much of that. We’ve seen more shuffling around from other buildings in Providence. The main request, in the last three weeks, is ‘We’re in an older building. A lot of our money is going to parking.’ If you get an office lease here, we offer three parking spaces per 1,000 square feet, and it’s included in the rent. There is no extra charge. That’s a huge advantage.
PBN: You said you are getting a lot of calls. Are these Rhode Island firms trying to relocate?
MARCELLO: Lately, the majority are in-Rhode Island companies looking for more parking or better space. That’s been the trend.
Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.
