NEW: Providence Journal Building Has Been Sold
Wednesday, June 24, 2015
Nordblom Company and Cornish Associates have announced the joint purchase of the Providence Journal Building, located at 75 Fountain Street in Providence.
“We are delighted with this exciting new project in the heart of Providence and are pleased to be partnering in these acquisitions with Boston-based Nordblom Company who share a similar vision and considerable experience in the nearby Boston-area markets. Bringing additional office tenants into the building and activating the street-level spaces at Emmet Square will inject renewed vitality into the neighborhood around the Convention Center. The additional tenants and foot-traffic will help support the burgeoning restaurant and retail environment in downcity,” said Arnold "Buff" Chace, President of Cornish Associates
Future Of Providence Journal
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAs GoLocal first reported on June 13, 2014 the 185-year-old Providence Journal was sold to New Media Investment Group, GateHouse Media's parent company, for $46 million.
The seller of the property was H.M. Belo, who also owned the newspaper until its sale.
As they fight to stay relevant in the digital news consumption age, the new owners of the Providence Journal have been cutting newsroom costs aggressively as well as slashing print production costs and have layed off many copy editors and journalists.
According to sources, the new building ownership and paper manageement are currently negotiating to keep the Providence Journal in the building, but condensed to one floor.
What The Purchase Includes
This purchase includes The Providence Journal Building and two adjoining parking lots at 78 Fountain Street and 1 Eddy Street.
The Providence Journal Building was constructed in 1934 by architect, Albert Kahn.
Future Plans With The Building
Cornish and Nordblom plan to commence immediately with improvements to the building.
Their plan includes modernizing and revitalizing this iconic property while offering leases to a broad cross section of tenants ranging from full-floor users to 2-5,000 square foot occupants.
When renovations are complete at the close of 2015, the building will feature 160,000 square feet of renovated office space as well as over 10,000 square feet of restaurant/retail space facing the newly re-designed Emmet Square.
The renovation of the building is being done by a team comprised of Site Specific of Providence, RI as the general contractor and Spagnolo Gisness & Associates, Inc. (SGA) of Boston, MA as the architect.
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