Joseph R. Paolino, Jr., managing partner of Paolino Properties, a leader in real estate investment, development, and management services, today announced that Paolino Properties has closed on the acquisition of an historic downtown Providence landmark, the Tilden-Thurber Building. The property was acquired from Stanley Weiss Associates LLC for $712,000.
Built in 1865 in the Beaux Arts architectural style originating in France, the Tilden-Thurber Building is located at 292 Westminster Street, at the corner of Westminster and Mathewson Streets in the Downtown Providence Historic District. The acquisition of the four-story, 14,840 square foot building further enhances and diversifies the expanding Paolino real estate portfolio. Paolino stated that he intends to lease areas in the building for retail and office space.
For the past 25 years, the Tilden-Thurber building has served as incubator space for the nationally recognized Stanley Weiss Collection, a vast collection of fine American and English furniture of the 18th and 19th centuries. It was the last building in a series, including the Hotel Providence, that Weiss developed.
Paolino said, “This iconic structure, like so many others in the heart of our city, stands as a monument to great moments in our past, when the Gorham Manufacturing Company was one of the most prominent and largest makers of sterling silver ware in the world. Tilden-Thurber was built as Gorham’s retail store, and people flocked to it from all over to make fine purchases or just to experience its air of refinement. I am pleased that we are ensuring that this grand 19th century building continues to play a prime role in the life of our capital city in the 21st century.”
About Paolino Properties
Founded in 1900, Paolino Properties is a fourth generation, family-owned and operated real estate investment, development, and management company. With roots in downtown Providence, the company’s holdings include office, industrial, retail, and residential properties throughout Rhode Island and beyond.