PROVIDENCE, RI – Paolino Properties announces the acquisition of The Westminster Square Building, historically known as the Howard Building, at 10 Dorrance Street.
Built in 1957, The Westminster Square Building sits at the intersection of Dorrance Street and Fulton Street, across from Providence’s City Hall. The closing date for the acquisition is today, March 9, 2022.
“As Mayor of Providence in the early ‘80s, I would look out my window at this building and imagine how impactful investment would be to this important location, at the front steps of downtown Providence,” said Joseph R. Paolino Jr., Managing Partner of Paolino Properties. “I’ve always believed in the spirit of a vibrant downtown, which is why over the past seven years I’ve invested over $200MM in the immediate area.”
The Westminster Square Building has historically been home to tenants such as the Office of the U.S. Attorney, tech start-up Swipely, the Social Security Court, and many private law firms and financial firms. In recent years, the building has lost a number of its tenants.
“Over the past several decades, I’ve watched the fabric of downtown Providence, particularly the area around this building (where 7/11 is located), get torn apart, through a rise in homelessness, crime, and people experiencing mental health issues, unemployment, and addiction,” Paolino said. “The City needs to invest in social services to meet the needs of our community, and as a business leader, I want to transform this location to make it more attractive to new tenants.”
Paolino Properties purchased this 12-story, 200 square foot high-rise, which had been in receivership, for $6,550,000 from Robert Day, LLC at a public auction. It currently houses commercial and retail tenants, including Allstate Insurance, Meridian Benefits Group, Regus co-working spaces, Higgins, Cavanagh & Cooney LLP law firm, and VP Fitness, among others.