A Pennsylvania-based investment group that bought 170 Westminster St., the former Union Trust building in downtown Providence, on July 3 has hired MPM Property Management LLC to make some upgrades and run the building.
The Providence-based firm already manages more than 30 properties with more than 2 million square feet of space.
The building’s new owner, FB Capital Partners, paid $6.5 million for the 12-story, 62,000-square-foot structure. It’s the group’s first venture into New England, but part of more than $475 million in investments in real estate, manufacturing, finance and business service concerns since 2003.
“Attracting new investment from outside firms is a testament to Providence’s strong real estate fundamentals and our ability to meet the needs of established and experienced investment firms,” MPM President John Macliver said in a statement.
Macliver said his firm won’t jump to make any major changes to the 106-year-old building.
“We try to make the transition from one owner to the other owner pretty seamlessly,” he said. Aside from polishing the brass fixtures in the lobby and possibly bringing in some new carpeting, Macliver plans only a few changes, such as adding wireless Internet access.
“In the case of 170 Westminster, the owner’s goal is to really create a smart building here,” he said.
Currently the building’s 10 tenants occupy 62 percent of available space, said Jay Macliver, director of business development at MPM. Providence-based Hayes & Sherry brokered the deal with FB and will work with MPM to lease space.
“We’ll work closely with them to try to bring new businesses to the building,” said John Macliver.
MPM’s roster also includes One Citizens Plaza, the East Office Building, the Altus Center and 121 South Main St., owned by Brown University, which houses Hemenway’s Seafood Grill & Oyster Bar.
Connected to 170 Westminster St. is 156 Westminster St., which was also recently sold, to Thomas Moses, for $1.05 million, according to Gary Brandeis of FB.
The two buildings share an elevator and HVAC system, said Evan Granoff, of Granoff Associates, which formerly owned both properties.
Granoff said it was a tough decision to sell 170 Westminster, not only because the financial district is being revitalized, but also because of the building’s history.
“But we own quite a few. We own The Arcade, some parking, and we own the Turk’s Head Building,” among others, said Granoff. Granoff Associates had owned the building since 1997, with partial ownership in it since 1978. He said it was time to sell because the investment had matured.
“Because we’re doing a lot down here and you just can’t own everything,” he said. “And this building is a special building – it’s like sending one of your kids to college.” •
