Home News Story Swarovski office building in Cranston sells for $8.8M

Swarovski office building in Cranston sells for $8.8M

Updated at 1:38 p.m.

By

Katie Castellani

-

04/09/2024

swarovski — THE ICONIC building that Swarovski North America Ltd. called home has sold for $8.8 million, according to Lila Delman Compass./COURTESY LILA DELAMN COMPASS.

CRANSTON – The iconic building that Swarovski North America Ltd. called home has sold for $8.8 million, according to Lila Delman Compass. For more than 40 years the industrial warehouse and office space spanning 145,000-square-feet at 1 Kenney Drive in Cranston housed Swarovski’s international corporate offices as well as its manufacturing, design and distribution spaces.

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CRANSTON – The iconic building that Swarovski North America Ltd. called home has sold for $8.8 million, according to Lila Delman Compass. For more than 40 years the industrial warehouse and office space spanning 145,000-square-feet at 1 Kenney Drive in Cranston housed Swarovski’s international corporate offices as well as its manufacturing, design and distribution spaces. The sale – which was the highest office space sale in Cranston since March 2023 – comes as Swarovski is “...reimagining the space they work within,” Nicole Maine, a Compass real estate agent, said in a statement to PBN. When asked if any jobs would be affected, Maine said the company is not downsizing, but is “...streamlining their business and evolving with the hybrid work environment of today's business model, ” and looking to stay in Rhode Island. Maine leads the real estate team “The Local Group” that represented Swarovski in the transaction and includes Patrick Farrell, Jonathan Kaufman and Benjamin Wood. “We’re witnessing an unprecedented blend of resilience and opportunity in Rhode Island’s commercial real estate market,” Farrell said. “From office spaces to retail establishments, industrial facilities to multifamily developments, the market is poised for dynamic growth and with innovative solutions and a steadfast commitment to excellence, we’re ready to navigate this evolving landscape and unlock the full potential of commercial real estate in our vibrant state.” The Local Group also facilitated the buyer, a Texas-based self storage company. Cranston Mayor Ken Hopkins told WJAR-TV NBC 10 that he was aware of the sale and hopes Swarovski will stay in Cranston long-term. "The city has known that the property has been for sale for over a year, and potential buyers had made inquiries to the city. Swarovski’s offices are still occupying a portion of their building on Kenney Drive," Hopkins said in a statement to WJAR. "Of course, I greatly hope that they will remain in Cranston for the long-term, and I have reached out to their representative on behalf of the city in this regard.” (UPDATE: Corrects name of company to Swarovski North America Ltd.) Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.