Gilbane concludes purchase of One Financial Plaza, 15 Westminster Street

Gilbane Properties has concluded the purchase of One Financial Plaza, formerly known as the Hospital Trust Tower, and 15 Westminster Street, the old Rhode Island Hospital Trust Headquarters from FleetBoston Financial Corp. The two buildings were purchased for $48 million.

“We’re pleased to have this opportunity to invest in Providence, particularly in two of the most significant buildings in the central business district,” Robert Gilbane, president of Gilbane Properties said. “We’re also pleased that we’ve been able to not only conclude this sale with Fleet, but have entered into long-term leases with Fleet and Edwards & Angell. These lease commitments are quite significant for the central business district as they total 170,000 square feet of Class A space and will help to improve the dynamics of the commercial office market.”

The One Financial Plaza Building contains 322,284 square feet of interior space. It was built in 1972 and is 28 stories tall.

15 Westminster Street was built in 1915 and contains 310,909 square feet of interior space spread over 12 stories. It is a historically significant building and features an ornate carved limestone facade. Gilbane has purchased the Condominium II portion of the building, which covers 241,418 square feet. Condominium I covering 69,491 square feet on the basement, first and second/mezzanine levels will be donated by Fleet to the Rhode Island School of Design for library use.

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