IGT Center sells for $71M

THE IGT CENTER building at 10 Memorial Boulevard in Providence was sold for $71 million. / PBN PHOTO/CHRIS BERGENHEIM
THE IGT CENTER building at 10 Memorial Boulevard in Providence was sold for $71 million. / PBN PHOTO/CHRIS BERGENHEIM

PROVIDENCE – The building at 10 Memorial Boulevard, known as the IGT Center, was sold for $71 million, according to property records.

The sale closed Dec. 27. The Class A commercial property was sold by 10 Memorial Boulevard Owner LLC to TFG Providence Center Property LLC, a subsidiary of the Boston-based Tritower Financial Group.

The seller is a subsidiary of R.J. Kelly Co., headquartered in Burlington, Mass. The company acquired the building in 2012 for $51.5 million. The building was last assessed at $55.3 million.

The building serves as the U.S. headquarters for International Game Technology PLC but also features other tenants. In a recent interview with PBN, the now former IGT Chairman Donald R. Sweitzer said construction of the building was one of his biggest achievements at the company.

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The property landlord remains Capital Properties Inc., which issued the original ground lease.

The building is a 10-story glass and metal-exterior office building located near the Providence Place mall. The 202,096-square-foot building also has a 250-space parking garage.

The building is 97 percent occupied, according to Hayes & Sherry, which brokered the deal.

Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.

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