PROVIDENCE – One Financial Plaza, the landmark downtown skyscraper, has been acquired by a New York-based joint venture for almost $66 million.
The 28-story, 322,000-square-foot building – located at the intersection of Westminster and Exchange streets, in Kennedy Plaza – sold for $65.65 million.
Stamford, Conn.-based GE Asset Management and Fairfield, Conn.-based Commonwealth Ventures LLC completed their sale of the property on May 25, records show.
The building was acquired by the Scarsdale, N.Y.-based real estate firm Meritage Properties and the New York City-based investment firm Avenue Capital Group.
“We have been focused on Providence for some time,” said Andy Nathan, a principal of Meritage Properties. “Providence benefits from a superior amenities base, excellent quality of life and convenient access to Boston, Hartford and New York City.”
The building currently has about 28,000 square feet of vacant Class A office space, including a full floor with 12,925 square feet of contiguous office space, according to CB Richard Ellis/New England, whose Providence office brokered the deal. CBRE/New England will continue to handle the property’s leasing and property management.
