Citizens’ HQ Tower Goes on Auction Block - Numerous Prov Towers Losing Value Over The Past Decade
Wednesday, August 22, 2018
It is more bad news for Providence’s commercial real estate market. The Citizens Bank Corporate Headquarters is headed to the auction block.
Citizens does not own the building but is the largest tenant in the 218,850 square foot Class A office tower.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe bank leases over 66,000 square feet and is the largest of ten major tenants in the building. The auction for the 12-story building is scheduled for September 25, 2018. The Citizens tower pays $615,000 annually in lease payment to Capitol Properties -- the landlord who holds the land lease, according to Capitol Properties most recent annual report.
Latest for Providence Commercial Real Estate
On Monday, GoLocal was first to report that One Financial Plaza -- the former Hospital Trust Tower -- was sold for ten million less than it was last sold for in 2007.
And, as GoLocal reported last Friday, Paolino Properties bought out of receivership 380 Westminster Street — that property sold for less just $9.5 million far less than its last sale price of $22 million in 2008.
In addition, the Superman building is now in its sixth year of vacancy.
Thus, in one week, two of Providence’s top commercials office buildings have sold at a $10 million-plus discount plus and a third -- One Citizens Plaza -- s hitting the auction block.
One Citizens Plaza
According to auction information, “One Citizens Plaza is currently 81.5% leased to 10 tenants. In addition to Citizens Bank, tenants at the property include credit rated financial firms such as Merrill Lynch and Ameriprise, as well as several regionally and nationally recognized corporate law firms, with staggered lease expirations through February 2029. Prospective investors will have an opportunity to acquire a stabilized premier office property in downtown Providence with the potential to create additional value through the lease up the remaining 40,401 SF of vacant space.”
The minimum bid is $11 million.
For those interested in bidding - it is a three-step process:
Bidder Registration
The registration process is a three-step process that involves submitting contact information, selecting the assets you intend to bid on, and submitting financial information. The information you submit requires verification, thus registration should be completed at the earliest possible time, preferably before the bidding window opens.
Bidder Information
Bidder information is populated with information submitted at user registration. This section requires key contact information in order to complete registration.
Select Assets You Wish to Purchase
RealINSIGHT Marketplace allows users to register for one or multiple assets in a sales event. Selecting multiple assets is as simple as checking a box.
Submit Proof of Funds
Bidders are required to establish a bid limit for a sales event. RealINSIGHT Marketplace will verify and approve, modify, or decline a bid limit based on the proof of funds submitted. In general, only liquid funds readily available to the bidder will be counted towards the requested bid limit. If multiple individuals or entities will be collaborating to bid on an asset, select the “Are other funds to be considered” dropdown and elaborate on such agreement.
Note: With your request to register to bid and submittal of eligible proof of funds, you are agreeing to the Sale Terms and Conditions.
After registering to bid, you will receive an email confirmation outlining your approved bid limit. If for any reason you would like to increase your bid limit, you may submit additional proof of funds in your Personal Profile under Bidding Registration.
Learn more about the auction HERE
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