Paolino Properties today announced that they have been approved by Judge Michael Silverstein to purchase the Federal Building at 380 Westminster Street in downtown Providence. A closing date for the acquisition has been set for early September. Paolino Properties will purchase the 148,000 square foot building for $9.5 million.
“This is an exciting day for Paolino Properties and the city of Providence,” said Joseph R. Paolino, Jr., Managing Partner of Paolino Properties. “The Federal Building is a landmark property in the city, and I am proud to ensure that the doors of this property stay open and it is managed and owned locally for years to come.”
Built in 1982, the Federal Building houses tenants including the Internal Revenue Service, Housing and Urban Development, Social Security Administration, United States Secret Service, and United States Bankruptcy Court. The building is currently fully occupied and will be managed by Paolino Properties.
You can learn more about the sale from the Providence Business News here.