Paolino Properties Buys Another Major Building in Downtown Providence

Friday, August 17, 2018

 

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Former Providence Mayor Joe Paolino

Paolino Properties, which is led by former Providence Mayor Joe Paolino,  announced Thursday that the company has 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.

The building was last sold in 2008 for $22 million and is assessed by the City of Providence with a value of $19.5 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.”

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Price less than half of its last sale.

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.

Paolino is downtown Providence's largest property holder.

The company was founded in 1900.  According to the company, Paolino Properties has embraced a mission that combines a reverence for tradition with progressive practices and policies. It’s a mission that has withstood the test of time in serving our clients, expanding our portfolio, and setting the standard for commitment, reliability and operational excellence. 

Paolino Properties is a fourth-generation family-owned and operated real estate investment, development, and management company.  As one of the largest family-owned commercial real estate companies in the state of Rhode Island, Paolino Properties manages more than forty properties at a total of nearly three million square feet.

This article was first published 8/16/18 12:30 PM

 

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