Paolino Properties today announced that the company has closed on the purchase of the Federal Building at 380 Westminster Street in downtown Providence. Paolino Properties purchased the 148,000 square foot building for $9.5 million.
“This is an exciting day for Paolino Properties and the city of Providence, as we take over the ownership of 380 Westminster Street,” said Joseph R. Paolino, Jr., Managing Partner of Paolino Properties. “I am honored to have the opportunity to step forward as a resident of the city to purchase a property that was previously owned by outside interests and has been in receivership since 2016. This landmark property will now be owned and managed locally by our team.”
In the near term, the company anticipates to make significant investments to improve tenant spaces and bring new updates to the building.
“For decades, this building has been an important presence on Westminster Street,” said Paolino. “With the investment we are making in this property, we look forward to seeing our tenants continue to provide their important services well into the future from this downtown location.”
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.